Michigan's ag community reacts to Trump victory

Nov 09, 2016

Farms.com was on the ground asking Michigan farmers their thoughts on the election

By Diego Flammini
Assistant Editor, North American Content
Farms.com

Donald Trump's victory over Hillary Clinton to become the next president of the United States is on the minds of everyone this morning, farmers included.

Especially in Michigan, a state considered up for grabs by both parties that Trump eventually won with 47.6 per cent of the vote; Barack Obama won Michigan in 2012 with 54 per cent of the vote, according to the New York Times.

Farms.com editorial director Paul Nolan and machinery contributor Rachel Gingell were on the ground in Michigan Wednesday to ask local farmers their thoughts on election outcome.

"Trump has made some very big promises," Rex Lansing, a custom applicator, told Gingell. "He told us he's going to make America great again. So now we are expecting him to follow through on that."

Trump's victory in rural areas of the U.S doesn't come as a complete shock, as a poll before the election suggested farmers were overwhelmingly backing the Republican candidate.

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!