3 Big Things Today, Nov. 3, 2025

1. Soybeans, Wheat Higher Overnight on Trade Deal

Soybean and wheat futures were higher in overnight trading after the White House released details of the U.S.-China trade agreement struck last week. 

China has agreed to remove all retaliatory non-tariff countermeasures taken against the U.S. since March 4, the White House said in a statement released on Saturday. 

The Asian nation will purchase at least 12 million metric tons of U.S. soybeans in the last two months of 2025 and at least 25 million tons of beans in each of the following three years, the statement said. 

Beijing will also suspend implementation of export controls on rare-earth materials, issue licenses for exports of rare earths and other materials to the benefit of the U.S., and take measures to stem the flow of fentanyl, the White House said. 

The U.S. will lower tariffs imposed to stem the flow of fentanyl to 10% from 20%, extend the expiration of certain tariff inclusions by a year to Nov. 10, 2026, and suspend for a year investigations into the Asian country for attempting to dominate the shipbuilding industry. 

China is looking to purchase wheat from the U.S. for the first time in more than a year, according to a Bloomberg report. 

Soybean futures for November delivery rose 3¾¢ to $11.19 a bushel overnight on the Chicago Board of Trade. Soy meal was down $1.30 to $320.30 a short ton and soybean oil futures lost 0.13¢ to 48.55¢ a pound. 

Wheat futures for December delivery gained 6¼¢ to $5.40¼ a bushel, and Kansas City futures were up 3¼¢ to $5.27¾ a bushel. 

Corn futures for December delivery were at $4.28¼ a bushel. 

2. EPA Need to Reallocate Refinery Waivers, NCGA Says

The Environmental Protection Agency should reallocate all of its small-refiner waivers via a supplemental rule-making process, the National Corn Growers Association said in a statement. 

Doing so would ensure “a strong, transparent, and balanced” Renewable Fuels Standard, the association said. 

EPA sets the blending volume for the RFS annually and has the authority to issue exemptions for small refineries that are able to show “disproportionate economic harm” from meeting the blending volumes. 

“NCGA has long argued that a dependable Renewable Fuel Standard is critical to unlocking America’s domestic energy potential, promoting ethanol growth, and driving corn demand,” the group said in its statement. 

Corn growers said in a letter to EPA Administrator Lee Zeldin that they appreciate EPA’s proposal to require 15 billion gallons to be blended into fuels in 2026 and 2027, but actions by the agency show how complicated it is to balance refiners’ needs with the integrity of the RFS. 

“NCGA urges the agency to finalize the implied conventional renewable fuel requirement at 15 billion gallons for both 2026 and 2027, as proposed, and to manage SREs (small-refinery exemptions) in a way that upholds the market integrity and promotes growth for this essential market,” the association said in its letter. 

3. Dry Weather Forecast for Minnesota, Wisconsin

Dry weather is expected in parts of Minnesota and Wisconsin this afternoon that could increase the risk of wildfires, according to the National Weather Service. 

Winds from central Minnesota into western Wisconsin will be sustained from 10–15 mph and gust up to 30 mph, the agency said. 

Relative humidity will fall to 25%. 

“The combination of breeze winds and dry conditions will create elevated fire weather conditions today,” NWS said. “These conditions will work together to support elevated potential for rapid fire spread.” 

Further south in Arkansas, frost warnings have been issued as overnight temperatures were forecast to drop to around 33°F, the agency said. The frost warnings will remain in effect until 9 a.m. local time.