Japan and the US reached a trade agreement announced late Tuesday. Tariffs will be set at 15% starting August 1. According to the White House fact sheet, Japan will purchase $8 billion worth of US products, including soybeans. The US and Indonesia also reached an agreement, under which the US will impose a 19% tariff on Indonesian goods, while Indonesia will eliminate most tariffs on US goods. Much of the current trade focus is on negotiations with the EU and China, aiming to finalize details before the shipping season begins in a couple of months.

USDA’s weekly export sales report for the week ending July 17 is expected to show old crop soybean sales between 100,000 and 350,000 metric tons, while new crop sales are estimated between 250,000 and 500,000 metric tons. Soybean meal sales are expected to range between 250,000 and 550,000 metric tons, with soybean oil sales projected between 0 and 20,000 metric tons.

Rain is expected to continue across much of the Corn Belt next week, with lighter totals in the Southern Plains.