3 Big Things Today, July 28, 2025

1. Soybean, Grain Futures Down in Overnight Trading

Soybean and grain futures were lower in overnight trading on skepticism about trade talks between the U.S. and China set for this week. 

Negotiators from the world’s two largest economies are scheduled to meet this week in Stockholm, Sweden, in a bid to hammer out a trade deal amid ongoing tensions. 

The South China Morning Post reported that negotiators are expected to refrain from introducing new tariffs that would deepen the trade war and kick the can down the road for another 90 days. 

The U.S. temporarily halted curbs on technology exports to China in a bid to keep the talks going, Financial Times reported. 

U.S. and European Union officials reached a framework deal on Sunday in which importers will pay a 15% tariff on most goods exported from the EU to the U.S. 

Soybean sales to overseas buyers were dismal in the seven days that ended on July 17, falling 41% week over week and 59% from the prior four-week average, according to the U.S. Department of Agriculture. Soymeal sales dropped 49% weekly and were down 24% from the average. 

Corn and wheat sales were both higher on a weekly basis, USDA said. 

Soybean futures for November delivery dropped 5¾¢ to $10.15¼ a bushel overnight on the Chicago Board of Trade. Soymeal was down 60¢ to $281 a short ton and soybean oil fell 0.15¢ to 55.83¢ a pound.

Corn futures for December delivery fell 2¢ to $4.17 a bushel. 

Wheat for September delivery lost 1¾¢ to $5.36½ a bushel, while Kansas City futures were down ½¢ to $5.26 a bushel. 

2. Cattle on Feed, Red Meat in Cold Storage Both Decline

The number of cattle on feed in the U.S. declined year over year and red-meat supplies in cold storage dropped 4%, according to data from the USDA. 

Cattle and calves on feed in feedlots with 1,000 head or more totaled 11.1 million on July 1, the agency said. That’s down 2% from the same date a year earlier. 

Steers and steer calves totaled 6.88 million, up 1% on an annual basis, while the number of heifers and heifer calves in feedlots dropped 5% to 4.24 million head. 

Placements in feedlots in June was reported at 1.44 million head, down 8% year over year, USDA said. 

About 320,000 cattle and calves weighing less than 600 pounds were placed, as were 235,000 head weighing from 600–699 pounds and 315,000 weighing 700–799 pounds. About 326,000 animals weighing 800–899 pounds were placed, along with 165,000 head weighing 900–999 pounds and 80,000 head at 1,000 pounds or greater. 

Marketings in June totaled 1.71 million head, down 4% year over year. That’s the lowest level for marketings for the month since recordkeeping started in 1996. 

Red meat supplies in cold storage at the end of June, meanwhile, were down 7% year-over-year, USDA said in a separate report. 

Beef stockpiles fell 1% annually, pork supplies dropped 11% and pork bellies were down 28% on a year basis, the agency said in its report. 

3. Extreme Heat Continues in Much of the Midwest

The heat wave continues as extremely hot weather persists in much of the U.S. Midwest. 

Extreme heat warnings have been issued for parts of dozens of states including Iowa, Illinois, and Nebraska, according to National Weather Service maps. 

Heat indexes in eastern Nebraska and western Iowa are forecast to reach as high as 115° Fahrenheit this afternoon, while counties in southern Illinois and the bootheel of Missouri will see values from 112–115°F, the agency said. 

Indexes in western Arkansas will rise to around 114°F. 

“Drink plenty of fluids, stay in an air conditioned room, stay out of the sun, and check up on relatives and neighbors,” NWS said.