November 17, 2025
Friday’s WASDE Lowers Corn, Soybean Yields
In the first set of government estimates since September, Friday’s much-anticipated World Agricultural Supply and Demand Estimate, or WASDE, Report offered mixed outlooks for major U.S. crops, trimming projected corn and soybean yields while leaving wheat production unchanged. USDA lowered the national corn yield to 186 bushels per acre, slightly reducing 2025-26 production to 16.75 billion bushels. Exports were raised to 3.08 billion bushels, lifting ending stocks to 2.15 billion. The average farm price rose to $4 a bushel. Soybean yield was cut to 53 bushels per acre, pulling production down to 4.25 billion bushels. USDA reduced export estimates to 1.64 billion bushels and projected ending stocks at 290 million. The farmgate price increased to $10.50 per bushel. Wheat production held steady at 1.99 billion bushels, but USDA raised ending stocks to 901 million. The average price slipped to $5 a bushel. Globally, USDA boosted wheat and corn beginning stocks while trimming soybean supplies, and raised production estimates for Argentina, Australia and Russia.
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U.S. Dairy Praises Latin American Trade Frameworks
The U.S. Dairy Export Council and the National Milk Producers Federation on Thursday welcomed new U.S. trade frameworks with Argentina, Ecuador, El Salvador and Guatemala, saying the agreements will help expand dairy exports across the Western Hemisphere. NMPF President and CEO Gregg Doud said the deals with Guatemala and El Salvador will protect U.S. exporters from nontariff barriers as the region enters its first year of duty-free dairy trade under the CAFTA-DR agreement. He said additional commitments from Argentina and Ecuador may help resolve long-standing market access issues. USDEC President and CEO Krysta Harden said the frameworks strengthen opportunities in key Central American markets and could open new doors in Ecuador, where nontariff rules have limited growth. Under the agreements, partner nations committed to easing product registration, removing documentation hurdles and ensuring U.S. cheese terms are not restricted. U.S. dairy exports last year totaled $127 million to Guatemala and $50 million to El Salvador.
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Administration Preparing Ag Tariff Carve-Outs
President Donald Trump is preparing significant tariff cuts and new trade agreements aimed at easing high food prices, a top concern for voters heading into 2026. The administration on Thursday announced framework deals with Argentina, Guatemala, El Salvador and Ecuador that would reduce tariffs and other barriers on imports of beef, bananas, coffee and other staples. Officials said the effort is designed to lower grocery bills that have remained elevated for years. The push follows a string of Democratic victories in state and local elections last week, where candidates emphasized affordability issues. Trump and senior advisers have also signaled broader tariff exemptions are coming. In interviews on Fox News, Trump said he would “lower some tariffs” on coffee, while Treasury Secretary Scott Bessent said fruit imports could see relief. The New York Times reported the White House is preparing reciprocal tariff changes that may include carve-outs for beef and citrus, expanding on an earlier executive order targeting food items not produced in the United States.
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World’s First Ethanol-to-Jet Fuel Plant Fully Online in Georgia
LanzaJet Inc. said Thursday it has begun full operations at its Freedom Pines Fuels plant in Soperton, Georgia, becoming the first commercial-scale facility in the world to produce jet fuel from ethanol. Company officials called the milestone a major step for the aviation sector as it seeks alternatives to conventional petroleum-based fuels. The announcement follows 15 years of research, investment and development of LanzaJet’s Alcohol-to-Jet technology, which converts ethanol into sustainable aviation fuel. The company said the breakthrough comes as traditional bio-oil feedstocks used for renewable jet fuel near their production limits. CEO Jimmy Samartzis said the launch shows how innovation and collaboration can create a new industry and provide “a major win for global aviation.” He said the technology offers countries a way to strengthen agricultural markets, expand domestic fuel production and improve energy security. LanzaJet says its process can be scaled globally by tapping widely available ethanol sources, including waste-based supplies.
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Black Sea Grain Port Attacked
Wheat markets were on alert Friday as traders assessed the impact of a major drone strike on Russia’s Black Sea port of Novorossiysk, a critical transit point for grain and crude oil exports, Bloomberg reported. Local officials said a fuel depot and several coastal facilities were damaged, though it remained unclear whether grain infrastructure was directly affected. Novorossiysk is Russia’s primary outlet for wheat shipments, and any disruption could reverberate through global markets. “If the attack interrupts the flow for any significant period, the merchants are going to have to replace that grain from somewhere else, and that’s not easy to do,” said Tobin Gorey, strategist at Cornucopia Agri Analytics. Authorities reportedly declared a state of emergency following the strike. While the port’s main grain terminal was struck by debris, it continued operating, according to people familiar with the situation. Wheat prices edged higher as traders awaited further clarity.
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USMEF Honors McKinney for Trade Expansion
The U.S. Meat Export Federation has honored former USDA trade chief Ted McKinney with its Michael J. Mansfield Award, recognizing his contributions to expanding American agricultural exports. McKinney, who served as undersecretary for trade and foreign agricultural affairs during President Donald Trump’s first term, received the award last week at USMEF’s Strategic Planning Conference in Indianapolis. McKinney, an Indiana native and Purdue University graduate, said the recognition “came out of the blue.” He now leads the National Association of State Departments of Agriculture. USMEF created the award to honor Mansfield, a former Senate majority leader and U.S. ambassador to Japan known for strengthening U.S. trade relationships. Japan remains a top market for U.S. meat and other farm goods. McKinney credited his career at Dow AgroSciences, Elanco Animal Health and the Indiana Department of Agriculture for shaping his work in global trade. He said continued support for agricultural checkoff programs, including USMEF, remains essential to U.S. export growth.
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