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The U.S. shipped 2.8 million tons of corn in the week ended Aug. 14, double the amount a year ago and topping the most optimistic forecast from analysts compiled by Bloomberg.

Soybean futures fell as concerns over sluggish demand for U.S. supplies prompted traders to take profits after a three-day winning streak.

Chicago corn futures fell to the lowest level in nearly a year after the Department of Agriculture raised its already record-large outlook for the American harvest.

Cargill revenue declined to its lowest point in four years as the largest private company in the U.S. continues to restructure in the face of declining crop prices and a shrinking cattle herd.

“I hope China will quickly quadruple its soybean orders. This is also a way of substantially reducing China’s Trade Deficit with the USA,” President Trump wrote on Truth Social.

Deliveries of key nutrients to the U.S. have plunged, machinery prices are climbing and crop buyers are limiting purchases amid mounting uncertainty.

The shift in fortunes began during President Donald Trump’s trade war with China in his first term, with the initial annual deficits recorded in 2019 and 2020.

The extension was announced Aug. 6 by the Ministry of Commerce. China is the world’s top buyer of the meat, which means its imports are tracked closely by the global market. 

Corn is holding above the key psychological threshold of $4 a bushel with America’s most widely grown crop on track for a record harvest. Meanwhile, soybeans have drifted below $10 a bushel.

Tyson Foods Inc.’s top boss said a long-awaited push to rebuild the US cattle herd will begin “in earnest” next year — though the meat producer doesn’t expect to benefit before 2028.