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Corn Harvest Makes Good Progress In Last Week, Now Near Average

Corn Harvest Makes Good Progress In Last Week, Now Near Average
With mostly dry conditions Nebraska's corn harvest made good progress in the last week and was estimated to be 86% complete, up considerably from the 68% reported last week and near the five-year average of 90%. Last year 92% had been harvested at this point in the season.
 
For the week ending November 12, 2017, temperatures averaged four to ten degrees below normal, according to the USDA’s National Agricultural Statistics Service. 
 
Winter wheat condition rated 2% very poor, 6% poor, 29% fair, 54% good, and 9% excellent. Ninety-five percent of the winter wheat crop had emerged, near 98% last year and for the average.
 
Sorghum harvested was 85%, behind 96% last year and 93% average.
 
Pasture and range conditions rated 2% percent very poor, 11% poor, 43% fair, 38% good, and 6% excellent.
 
Topsoil moisture supplies rated 3% very short, 21% short, 74% adequate, and 2% surplus. Subsoil moisture supplies rated 5% very short, 19% short, 75% adequate, and 1% surplus.
 

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U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again


The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!