Mixed price action has overnight losses turning into AM gains - corn/beans +3-6c

Crude oil is higher by $1.07/barrel and is just under $70 with the U.S. dollar up 30 points

U.S. and India are in talks on a trade deal that may cut proposed tariffs from 26% to below 20%

U.S. President Trump said he'll impose 30% tariffs on the EU and Mexico starting on August 1st

CU25 and CZ25 carved out fresh contract lows overnight @ $3.91 1/4 and $4.07 1/2, respectively

SX25 slipped under the $10.00 mark overnight, as low as $9.98 1/4 or its lowest tick since April 10th

FAS announced a flash sale of 219,900 MT of U.S. soybeans to Mexico for 2025/26 delivery on Friday

CHS is permanently closing its Superior Terminal facility on Aug 31st, leaving 25 employees without a job Ag Week Article

Patria Agronegocios pegs 2nd crop safrinha corn in Brazil @ 40% harvested vs. 71% LY, and 48% 5YA; Mato Grosso 58% harvested

Chinese soybean imports sit @ 12.26 MT in June vs. 11.11 MT LY; July imports estimated @ 10.48 Mt vs. 9.85 MT LY; Jan-June bean imports @ 49.37MT, +2% YoY

Private analyst Safras & Mercado projects Brazil's 2025/26 soybean crop @ 179.88 MT vs. 171.93 MT this year, w/acreage set to be +1.2% YoY

U.S. Crop Condition Ratings update today @ 3:00 PM CST

Summer row crops are bouncing this AM following aggressive overnight losses. CU25 and CZ25 have each rallied a dime off overnight lows while SX25's recovery effort sits @ 15c. USDA balance sheet adjustments from Friday leaned positive corn and neutral beans/wheat. CBOT's reaction was muted with futures unfazed by tightening U.S./world corn balance sheets amid favorable Midwest weather conditions. Moving forward, it's back to trade policy uncertainty and weather with China still fully absent from the U.S. corn and bean market. Dryness concerns have eased across pockets of IA, IL and IN following recent rains - see below. Corn rail premiums continue to firm while soybean processor bids are mostly steady.