Thursday July 3rd, 2025

The US and Vietnam have reached a new trade agreement. Yesterday Trump announced that American goods will enter Vietnam tariff-free, while the US will impose a 20% tariff on Vietnamese goods. Additionally, goods transshipped through Vietnam en route to the US will face a 40% tariff.
- US agriculture stands to benefit, as Vietnam has agreed to purchase $2 billion worth of US farm products.
- However, to put this in perspective, Vietnam’s corn consumption is estimated at just 15.75mmt this year vs China’s 316mmt. Their bean consumption is minimal at 2.5mmt. So these potential agricultural purchases won’t be a “needle mover”.
Trump is scheduled to speak in Iowa today at the America250 kickoff celebration. He has indicated that there will be key updates on future developments in agricultural trade.
- Market speculation around potential trade announcements helped drive grain prices higher yesterday.
The Corn Belt is expected to see near normal rainfall over the next 7 days.
Chinese corn imports will continue to remain low through Q3. Total corn imports for the quarter are estimated at 260,000mt which is 86% lower than last years 1.83mmt (See chart below).
US Flash Sales:
- 150,000mt of corn to unknown for 24/25 delivery.
- 226,000mt of soybeans to unknown for 24/25 delivery.
- 195,000mt of soybean cake and meal to unknown:
  - 150,000mt for delivery in 25/26 and 45,000mt 24/25.