3 Big Things Today, Oct. 21, 2025

1. Soybean Futures Higher in Overnight Trading

Soybean futures were again higher in overnight trading on continued optimism about trade with China.

Talks between Washington and Beijing on Friday were constructive, according to Chinese state media. 

More negotiations are expected ahead of a planned meeting between presidents Donald Trump and Xi Jinping who are expected to talk during an economic forum in South Korea later this month. 

Treasury Secretary Scott Bessent said last week that he plans to meet this week with Vice Premier He Lifeng in Malaysia to engage in “frank and detailed discussions.” 

Trump said over the weekend that he will talk with Xi about several things including soybeans, rare-earth materials, and fentanyl.

He said earlier this month that he would impose additional tariffs on the Asian nation after China imposed restrictions on rare-earth materials, roiling markets, comments he walked back a few days later. 

Soybean futures for November delivery rose 6¼¢ to $10.56¼ a bushel overnight on the Chicago Board of Trade. Soymeal added $1.30 to $286.30 a short ton and soybean oil futures gained 0.07¢ to 51.33¢ a pound. 

Corn futures fell ¼¢ to $4.23 a bushel. 

Wheat futures for December delivery lost 1¾¢ to $5.03 a bushel, and Kansas City futures dropped 2¢ to $4.88 a bushel. 

2. Cattlemen ‘Concerned’ About Trump’s Beef Comments

The National Cattlemen’s Beef Association said they’re “concerned” about comments from President Donald Trump suggesting the U.S. may import beef from Argentina to help lower costs for American consumers. 

Trump told reporters on Air Force One that the U.S. could buy beef from Argentina, which “will bring our beef prices down.” 

Ground beef prices in the U.S. jumped to a record $6.32 a pound in August — the latest data available due to the government shutdown — from $5.67 a year earlier, according to data from the U.S. Bureau of Labor Statistics. 

Giving the South American country access to the U.S. market hurts cattlemen and women and interferes with the free market, the association said. 

“NCBA’s family farmers and ranchers have numerous concerns with importing more Argentinian beef to lower prices for consumers,” NCBA Chief Executive Colin Woodall said in a statement. 

Trump said, when asked whether a deal would favor producers in Argentina over American cattlemen and women, that the South American is “fighting for its life.”  

Argentina has sold just over $800 million worth of beef into the U.S. in the past five years, the association said. The U.S., by comparison, has sold only about $7 million worth of beef to Argentina in that same span. 

“This plan only creates chaos at a critical time of year for American cattle producers, while doing nothing to lower grocery store prices,” Woodall said. 

3. Freeze Warnings Issued in the Southern Plains

Freeze warnings and frost advisories are in effect this morning for much of western Kansas and the Texas and Oklahoma panhandles, according to National Weather Service maps. 

Temperatures in western Kansas overnight were expected to fall to around 24°F, the agency said. 

Values in the Oklahoma and Texas panhandles were expected to fall to around 32°F overnight, NWS said. 

Hard red winter wheat planting is underway in the region. 

Intense winds are forecast for much of South Dakota, Minnesota, Iowa, and parts of a couple other states. 

Winds will gust up to 45 mph in northern Iowa throughout the day, the agency said.