Disappointing Chinese bean buys for October
China imported 5.86 MMT of soybeans during October, a 2.23 MMT (27.7 percent drop) from September but a 650,000 MT (12.5 percent) increase from the year prior, according to preliminary customs data. Its imports came in well under expectations, with Monica Tu, an analyst with Shanghai JC Intelligence Co. Ltd., blaming shipping delays from the U.S. due to bean quality issues and logistics problems in the wake of consecutive hurricanes. China’s commodity imports as a whole were disappointing in October, in part due to seasonal factors but also because the country’s efforts to cut down on smog by year-end have impacted a number of industries. Ten months into the year, China has imported 77.31 MMT of soybeans, a 15.2 percent jump from year-ago.

Japan’s efforts could leave U.S. pork at a disadvantage
A trade agreement in principle between Japan and the European Union along with a possible Trans-Pacific Partnership without the U.S. (TPP-11) could put U.S. pork at a major tariff disadvantage in Japan, reports a USDA attaché in the country. “The two agreements are likely to contain similar tariff concessions for a wide range of pork products including fresh, chilled, and frozen pork as well as processed products such as ham, bacon, sausage, ground seasoned pork, and canned ham,” the post details, adding that the Japan-EU agreement could take effect as soon as 2019. In 2016, Japan was the top destination for U.S. pork, importing $1.6 billion worth of the meat.

Days added to next round of NAFTA 2.0 talks
A fifth round of North American Free Trade Agreement (NAFTA) 2.0 talks in Mexico City will take place Nov. 15-21 rather than Nov. 17-21 as originally planned. The extended days will give negotiators more time to discuss several issues covered under the 23-year-old trade pact. The chief negotiators will join talks on Nov. 17 as previously scheduled. The agenda includes meetings on textiles, labor, services and intellectual property. Participants will again discuss the controversial topic of rules of origin in the second half of the round. The rules govern what share of a product must be sourced within NAFTA to receive the pact’s benefits.

ProFarmer cuts Brazil soybean crop, leaves Argentina Unchanged
Pro Farmer analyst Dr. Michael Cordonnier, lowered his Brazilian soybean crop peg by 2 MMT to 107 MMT this week, citing the possibility of lower yields, and he has a lower bias going forward. He explains that the last two rainfall events in central Brazil have disappointed and says that risks are rising from soybeans planted from this point forward. Cordonnier made no change to his Brazilian corn crop estimate that stands at 88 MMT, though he reiterated that soybean planting delays are actually a bigger deal for corn, as the crop is more sensitive to adverse weather during pollination and grain fill. He left his 2017-18 Argentine soybean and corn crop estimates unchanged at 55 MMT and 42 MMT, respectively. He has a neutral bias toward both pegs. The Buenos Aires Grain Exchange details that 7.2 percent of the country’s bean crop has been planted, along with 34 percent of its corn crop.

Trump to push trade while in Japan
A Trump dinner conversation with Japanese Prime Minister Shinzo Abe will focus on trade, with the topic also on the agenda for today’s meeting. Specific trade policy news is murky, as White House officials said that trade will be discussed, but Japanese officials say there are no specific plans. The two leaders could discuss the tariffs imposed in August on frozen beef imports, including those from the U.S., as well as subsidies and industrial policies pursued by third countries. Also, while Trump has said he favors bilateral trade agreements — and wants one with Japan — Tokyo has been cool to the idea, preferring to stick with the Trans-Pacific Partnership (TPP) accord that Trump pulled out of. Japanese officials continue to urge Trump to rejoin the TPP and do not want to talk about a bilateral until they are totally convinced he will not change his mind.

Ryan defends repeal of estate tax
House Speaker Paul Ryan (R-Wis.) was asked on Fox News Sunday why the GOP wants to repeal the estate tax when it impacts only a few thousand people. Ryan said it was important as a “fairness” argument. “People work hard to build up their business, their farm, their ranch, all their working lives. They pay taxes on that money all of their lives. And then when you die, you get it taxed away from you and you can’t pass it on to the next generation,” Ryan pointed out. “We just think it’s unfair. Death should be not a taxable event, and we should not be stopping people from being able to pass their life’s work on to their kids.”