Here&#39;s what the U.S.-China trade truce really means for the U.S. soybean market

By Myra P. Saefong

American farmers may never regain the market share lost to rivals in Brazil and elsewhere

Instead of buying soybeans from the U.S., China has turned to other sources such as Brazil to meet its needs.

China has made a pledge to buy U.S. soybeans over the next few years, fueling hope for farmers who have been caught in the middle of a trade war between the two nations.

Yet the damage to the U.S. agricultural market may have already been done.

While China has turned its attention to alternative sources such as Brazil, the U.S. and its farmers have fewer options, having relied on China to buy around half of American soybean exports for years.

"We lost market share in the last trade war that we never gained back," said Faith Parum, economist at American Farm Bureau Federation. The last major trade war between the U.S. and China began in 2018, during President Donald Trump's first term in the White House, and continues today during his second term.

"China's total soybean demand stayed strong, but they've been filling most of that from Brazil over the last few years," Parum told MarketWatch. Brazil alone has shipped around 2.5 billion bushels to China this year, while U.S. exports have been relatively small, she noted.

Under a deal with the White House announced on Nov. 1, China will buy at least 12 million metric tons of U.S. soybeans over the last two months of this year. It will also purchase at least 25 metric tons of U.S. soybeans in each of the next three years. Prior to the agreement, China had not purchased soybeans from the U.S. for the current marketing year, which began in September.

China's purchase commitment "takes us back to where things were before the trade war," said Parum. "It's a strong starting point, and actual purchases could exceed those minimums if market conditions remain favorable."

If the agreement is fully implemented, it could help strengthen soybean prices for U.S. farmers, she said. It could, however, also "influence how China sources soybeans from South America."

Market share

Brazil and Argentina have become major suppliers of soybeans, and it will be important to see "whether China diversifies purchases or continues to rely primarily on Brazil," Parum said.

Arlan Suderman, chief commodities economist at StoneX, said China has been investing in Brazilian agriculture and infrastructure for the past two decades, "supporting development that would make Brazil the low-cost provider of corn and soybeans that it is today."

As Brazil increases production, China increasingly buys more from it, Suderman noted, and we're nearing a point where "Brazil, with little help from Argentina and others, could meet all of China's import needs - and largely do it at cheaper prices."

President Trump's tariffs may have sped up that cycle somewhat, but we were quickly headed in that direction anyway, Suderman added. New-crop soybeans from Brazil will almost certainly be cheaper than U.S. soybeans once harvest begins there in a couple of months, he said, citing currency exchange-rate differences.

U.S. soybeans were actually priced cheaper than Brazilian soybeans delivered to the port in China before the U.S.-China agreement - but U.S. soybean futures prices rallied following the deal's announcement, and Brazilian old-crop supplies are now cheaper than U.S. soybeans loaded out at the Gulf of Mexico and shipped to China, said Suderman.

China left a 10% retaliatory tariff in place on U.S. soybeans, so that means U.S. soybeans delivered to China are still roughly $1.50-per-bushel more expensive than Brazilian soybeans, he noted. Soybeans for January delivery (SF26) (S00) traded in Chicago settled at $11.17 a bushel on Friday.

Caught in the middle

Some soybean farmers weren't very impressed by the latest U.S. deal with China.

"I don't think soybean purchases by China will ever return to pretariff levels," Ed Hodgson, who farms 1,500 acres of land in Rice County, Kansas, told MarketWatch. "The low-cost producing country will fill China's needs."

'I don't think soybean purchases by China will ever return to pretariff levels.'Ed Hodgson, Kansas farmer

Even if a mooted $13 billion bailout happens, "it just helps us get to the end of the year," Hodgson said. "There won't be any left in most farmers' pocket to get us into the 2026 planting season."

There's been speculation that the Trump administration will offer a bailout to the nation's farmers. Trump was considering providing $10 billion or more in aid to U.S. farmers, the Wall Street Journal reported early last month, citing people familiar with the discussions.

In late October, Sen. John Hoeven of North Dakota told reporters that a Market Facilitation Program, similar to the farmer bailout Trump issued during his first-term trade wars, was ready, albeit delayed by the government shutdown, according to a report from Politico.

"Unfortunately, nothing has truly been 'gained' for our farmers," said Jake Hanley, managing director and senior portfolio specialist at Teucrium. "They remain caught in the middle of a trade war where they are a vulnerable target."

Soybean prices rallied on optimism following the U.S. trade announcement earlier this month, but Chinese buyers continue to favor Brazilian beans, Hanley noted.

"So this is a 'show me the money' moment for grain markets," he said, adding that the rally in soybeans "needs confirmation, not just hope."

What's next?

The good news is that global demand for soybeans remains strong and other markets are growing, said Parum of the American Farm Bureau.

The recent U.S. trade agreement with Southeast Asia is opening new opportunities in countries like Vietnam, the Philippines and Malaysia, she said, with Southeast Asia full of fast-growing economies with rising demand for high-quality feed ingredients.

"Diversifying our export base makes U.S. farmers less dependent on a single buyer and helps rebuild long-term global demand," said Parum.

In emailed comments to MarketWatch, White House Deputy Press Secretary Anna Kelly said: "President Trump cares deeply about our agriculture industry, and he has taken unprecedented action to level the playing field for American farmers after decades of unfair trading practices."

"His success in opening the Chinese, European, British, Japanese, Vietnamese and numerous other foreign markets to U.S. soybeans and other agricultural exports will pay off in the long and short term by expanding opportunities for farmers to send made-in-America goods around the world," said Kelly.

The U.S. has actually been building up its domestic demand base for several years to replace Chinese business, but it still needs several more years to get there, said StoneX's Suderman. China's agreement to buy U.S. soybeans helps "bridge that gap" to keep demand strong while the domestic demand base is built, he added.

Parum believes the U.S.-China truce is a positive step toward "rebuilding trust and stability in trade."

"What matters now is enforcing the commitments so farmers have consistent, predictable access to markets," she said. "Steady markets, fair competition and enforceable trade agreements, both with China and growing partners in Southeast Asia, will keep the U.S. soybean sector strong for the long term."

-Myra P. Saefong

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

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Is your gold safe in bank lockers?

Moneycontrol

Is your gold safe in bank lockers?

While prices of gold are going up and families are storing more for long-term security, many of us assume that a bank locker is the safest possible place. However, locker protection in India works a little differently than what most people may think. While banks provide the space, they don't insure the contents by default. That makes it essential to understand exactly what's covered and what's not before you store your valuables.

What banks are responsible for

Security will be very tight: cameras, limited access, two-key operations and periodic reconciliation. They are supposed to maintain the locker area, ensuring no unauthorized entry can take place. Following a landmark Supreme Court ruling in 2005, banks are also under an obligation to exercise due care in maintaining lockers and paying compensation to customers in cases of proven negligence, such as robbery due to weak security or misfeasance of staff.

What banks do not guarantee

Even with enhanced regulations, banks do not cover your gold or jewellery by default. They do not know what you put inside, and neither do they insure the contents. In case of a natural calamity, fire, or theft that is not caused due to negligence, the bank is not liable. Many customers are shocked to know this as they feel that renting a locker means automatic protection for the valuables kept inside.

How locker agreements protect you

Every locker comes with an agreement that defines the bank's responsibility. If you follow the rules—such as operating the locker within the required time, paying the rent regularly and keeping the account active—you maintain full legal rights. The agreement also ensures transparency: banks can no longer break open a locker without repeated written notices and waiting periods.

Why home storage is not always safer

Some people prefer to store the gold at home because it is easier to access, but this involves its own risks: burglary, fire, misplacement or damage. With the lack of proper safes or insurance, home storage often leaves the valuables less protected than a bank locker. More families use a mix nowadays: keeping frequently used jewellery at home and heavy, long-term pieces stored in a locker.

How to really protect your gold

As banks do not insure the contents of the locker, you should consider a separate jewellery insurance policy. These policies cover theft, fire, and loss, even outside the bank, depending upon the plan. You should also take photos, maintain invoices, and create an inventory. These records come in handy during a claim. Visit the locker at least once every year to maintain bank rules and keep the account active.

The bottom line

Bank lockers are safe, but they are not full-proof insurance for your gold. They protect the space, not the contents. The safest approach is to use a bank locker for high-value items, add your own insurance, and keep proper documentation. With the right mix of security and planning, your gold stays protected and is not put at undue risk.

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Surface Metals Inc. Grants Options and Provides Update on Financial Marketing

Newsfile Corp.

Vancouver, British Columbia--(Newsfile Corp. - November 7, 2025) - Surface Metals Inc. (OTCQB: SURMF) (the "Company", or "Surface Metals") has granted 250,000 options priced at $0.255 to a consultant, and directors and officers have voluntarily surrendered 499,999 options issued on April 14, 2022 at $3.84 (post consolidation).

As per the press release announced on October 29th, 2025, IDR Marketing Inc. "IDR", has been retained for a six month period commencing October 29th to provide public relations strategies, brand awareness, financial and digital marketing services to the Company. IDR is a California Corporation with its registered office located at 100 Oceangate, 12th Floor, Long Beach, CA, USA, 90802. Its principal and president is Linda Josey, an arm's-length party. Contact details: linda@idrmarketing.com (562) 343-7483.

IDR Marketing Inc. is an independent ad agency providing full-scale integrated marketing and advertising services. Clients trust IDR for brand strategy and awareness, digital marketing, social media and advertising, newswire distribution, article marketing,

About Surface Metals Inc.

Surface Metals Inc. (OTCQB: SURMF) is a North American mineral exploration company focused on advancing a diversified portfolio of gold and lithium projects in Nevada, USA, and Manitoba, Canada. The Company's Cimarron Gold Project is located in Nye County, Nevada, in a historically productive gold district. Surface's Clayton Valley Lithium Brine Project hosts an inferred resource of approximately 302,900 tonnes LCE adjacent to Albemarle's Silver Peak Mine. Surface Metals is also advancing lithium projects in Fish Lake Valley, Nevada, and through a joint venture with Snow Lake Energy in southeastern Manitoba.

On behalf of the Board of Directors

Steve Hanson

Chief Executive Officer, President, and Director

Telephone: (604) 564-9045

info@surfacemetals.com

Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release contains certain statements which may constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273738

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Trump Accuses Meatpackers of Colluding to Boost Beef Prices — Barrons.com

Dow Jones Newswires

By Evie Liu

President Donald Trump called on the Department of Justice to investigate U.S. meat-packing companies, accusing them of "illicit collusion, price fixing, and price manipulation" to push up beef prices.

"We will always protect our American Ranchers, and they are being blamed for what is being done by Majority Foreign Owned Meat Packers, who artificially inflate prices, and jeopardize the security of our Nation's food supply," he wrote in a social media post.

The American Association of Meat Processors didn't immediately respond to a request for comment.

Trump said in his post that while cattle prices have dropped substantially, the price of boxed beef has gone up. "You know that something is 'fishy,'" he wrote, "We will get to the bottom of it very quickly."

Dry weather has forced many farmers to scale back the size of their herd. Over the past month, futures prices for live cattle have fallen 5.3%, but are still 21% higher than a year ago.

Beef prices have risen to record levels this year. The cost of uncooked beef steaks reached $12.26 per pound as of September, up from $10.89 a year ago, according to data from the Bureau of Labor Statistics.

Major meatpackers in the U.S., including Tyson Foods, Cargill, National Beef Packing Company, and the Brazilian giant JBS, control a large share of the beef-processing market. While the suggestion of price fixing isn't new — the companies have denied wrongdoing in the past — the fresh demand for a federal probe signals both political and regulatory pressure for the group.

Stock in Tyson and JBS both tumbled late afternoon on Friday following Trump's post, but recovered some ground later. Tyson shares finished the day with a 1.9% gain, while JBS lost 3.6%. Cargill and National Beef Packing aren't publicly traded.

In the quarter ended in June, Tyson's beef business reported a 10% increase in average beef price compared to a year ago, but sales volume declined 3%. The beef business recorded an adjusted operational loss of $151 million in the quarter, more than double the loss a year earlier.

Tyson is set to report third-quarter earnings on Monday.

Write to Evie Liu at evie.liu@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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McDonald's Stock Challenged By a Tougher Economy, Analyst Says. Plus, Marriott, Snowflake, and More. — Barrons.com

Dow Jones Newswires

These reports, excerpted and edited by Barron's, were issued recently by investment and research firms. The reports are a sampling of analysts' thinking; they should not be considered the views or recommendations of Barron's. Some of the reports' issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed.

Targa Resources — TRGP-NYSE Buy — $160.46 on Nov. 5 by Seaport Research Partners Targa Resources reported a solid third-quarter beat driven by volume growth in the gathering & processing segment and also plans to come in at the high end of the previous fiscal-2025 adjusted Ebitda guidance. It also bought back about $156 million of stock during the quarter and announced a 25% dividend increase for 2026; we thus expect investors to view this update positively.

On the conference call, we expect the focus to be on: 1) recent trends in Permian volumes and initial outlook for 2026 activity, 2) capex plans for 2026 and subsequent years considering Targa's growth pipeline of projects, and 3) competitive pressures in the Permian basin and updated thoughts on capital allocation.

Price target: $193.

Bio-Techne — TECH-Nasdaq Buy — $61.10 on Nov. 5 by Benchmark Equity Research Bio-Techne reported below-expected financial results for its first-quarter 2026 (September), including revenue of $286.6 million, down 1% year over year, and flat adjusted earnings of $0.42 versus $0.42 for first-quarter 2025.

Our estimates had been revenue of $298 million, a 3% increase, and adjusted earnings per share of $0.46. Company management cited headwinds in its GMP proteins business and funding delays for its emerging biotech customers as reasons for the flat results. Bio-Techne did not provide financial guidance for upcoming quarters but may do so on its conference call.

We are maintaining our Buy rating on Bio-Techne shares and $75 price target on the long-term potential of the company's diversified life science product portfolio.

McDonald's — MCD-NYSE Hold — $304.83 on Nov. 5 by Stifel McDonald's reported relatively in-line comps, but earnings fell short as heavy marketing investments weighed on flow-through. While U.S. comps were up 2.4% (Stifel 2.5%, Street 2.0%)...transactions remain challenged. While management indicated that its efforts to reset consumers' value perception were moving the needle, a bifurcated consumer base with persistent pressures on lower-income consumers proved to be a considerable offset.

The company expects U.S. comps to accelerate in the fourth quarter, driven primarily by lapping last year's food safety incident, as well as support from the November Extra Value Meals promotions. While we are encouraged by the improving comp trends, it's difficult to parse the benefit of easier comparisons from the true impact of the current push to improve consumer value perception, keeping us on the sidelines. Price target: $315.

Docebo — DCBO-Nasdaq Outperform — $25.62 on Nov. 5 by Oppenheimer We are initiating coverage of Docebo, a leading provider of learning management systems, with an Outperform rating and $35 price target. Docebo has seen growth outpace the broader LMS market by displacing legacy vendors, moving upmarket, and extending into new markets. We see average revenue per user as a key growth driver with management prioritizing enterprise sales.

We also see potential for the push into the public sector to factor more meaningfully after achieving FedRAMP status in April 2025. As the business scales, we are also seeing improved operating leverage....We see attractive risk/reward with shares trading at 2.9 times calendar-year 2026 estimated enterprise value/sales and 15.4 times EV/free cash flow.

Marriott International — MAR-Nasdaq Neutral — $272.24 on Nov. 5 by Mizuho Third-quarter upside and relatively conservative fourth-quarter guide is overall neutral/slightly positive, as fourth-quarter weakness was largely baked into the stock, with the third quarter being a surprise positive. The 2026 preliminary outlook reflects a similar growth algo vs. 2025, which we feel is reassuring, given the macro uncertainty. In essence, lodging (and Marriott specifically) is not particularly crowded, and has an easy path to growth next year (which is attractive in the context of broader consumer discretionary). We maintain our Neutral rating and believe the risk/reward is fairly balanced. Price target: $297.

Snowflake — SNOW-NYSE Outperform — $265.42 on Nov. 5 by Evercore ISI At Snowflake's annual developer and product conference, the key message was Snowflake's evolution from a "Data Cloud" to an "Enterprise Intelligence Cloud"....Altogether, the event reinforced that Snowflake's future growth will hinge on helping customers build and reason with their data, not just store it....

The "top five" product announcements underscored that narrative, including: 1) the general availability launch of Snowflake Intelligence, enabling natural-language access and agentic workflows across structured and unstructured data; 2) expanded Cortex AI capabilities, adding multimodal model support...and tighter model governance; 3) the introduction of Snowflake Notebooks, a native environment for developers to prototype data and AI workflows without leaving the platform; 4) new Native App Framework enhancements, allowing customers and partners to build, distribute, and monetize data-driven apps directly within Snowflake's Marketplace; and 5) deeper integration of unstructured data and vector search, making it easier for enterprises to build retrieval-augmented and AI-powered applications on top of their existing datasets.

Price target: $280.

To be considered for this section, material should be sent to Research@barrons.com.

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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QcX Gold Completes Acquisition

Newsfile Corp.

Toronto, Ontario--(Newsfile Corp. - November 7, 2025) - QcX Gold Corp. (OTC Pink: QCXGF) (FSE: 21MA) ("QcX" or the "Company") is pleased to announce that, further to its press release of October 20, 2025, it has acquired several strategically located mining claim blocks (the "Property") in the Batchawana Bay area of northern Ontario. The Property was acquired pursuant to a mining claim acquisition agreement (the "Agreement") dated October 14, 2025 with an arm's-length vendor (the "Vendor").

As consideration for the Property, the Company has issued an aggregate of 6,000,000 Common Shares at a deemed price of $0.28 per Common Share and made a cash payment in the amount of $15,000. All securities issued are subject to a statutory hold period of four months and one day from the issuance thereof, as applicable, in accordance with applicable securities laws.

In addition, the Company has granted a 3% net smelter returns royalty (the "NSR") on the Property in favour of the Vendor, subject to the ability of the Company to purchase up to 1.5% of the NSR (resulting in the remaining NSR being reduced to 1.5%) for a purchase price of $1,000,000.

About QcX Gold

QcX Gold is exploring for gold and VMS style mineralization on its highly prospective and well-located properties in Québec, Canada. The Golden Giant Project is located in the James Bay region, only 2.9 km from Azimut Exploration Inc.'s Patwon discovery on their Elmer gold project. The Fernet Project is located in the Abitibi Greenstone Belt and is contiguous with Wallbridge Mining Company Limited's Fenelon/Martinière property. Both properties are in close proximity to major discoveries which bodes well for exploration.

On behalf of the Board of Directors:

Aaron Stone, P.Geo.

Vice President Exploration

aaron.stone@qcxgold.com

416-361-2515

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements:

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program, the expected positive exploration results, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273613

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Pinnacle West Capital Files 8K - Regulation FD >PNW

Dow Jones Newswires