Brazil’s President Luiz Inacio Lula da Silva said he had a positive meeting on Sunday with U.S. President Donald Trump, and their respective teams will start “immediately” to discuss tariffs and other matters.

Live cattle are sharply lower with limit down moves in feeders under expanded limits on Monday morning. Brad Kooima says now the focus is on the possibility of the U.S. dropping the 50% additional tariffs on beef imports.

Soybean farmers in Brazil capitalise on U.S tariffs, selling soybeans to the Chinese market. (AP/Thiago Mostazo, Maycron Abade and Obed Lamy)