US Department of Agriculture Announces Crop Progress Report Delayed Due to Hurricane Sandy

Oct 29, 2012

USDA’s Weekly Crop Progress Report Monday Release Postponed Due to “Frankinstorm”

The US agriculture community is going to have to wait to get their weekly US Department of Agriculture (USDA) crop progress report that is released at the beginning of every week, normally on Monday afternoon. The USDA has said that the report will be delayed as the federal government shuts down its operations to brace for Hurricane Sandy.

The USDA said that the report will be released once offices reopen following the storm. The US government told all non-emergency related workers to stay home on Monday. Despite the delay of the crop report, some other non-related data will be released on schedule including personal income and spending figures that will be released Monday morning.

Hurricane Sandy is expected to be one of the biggest storms to reach US mainland in history. Weather forecasters predict that Sandy could merge with several other weather systems - creating a “Frankenstorm” that will hit the Eastern US and Eastern Canada.

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!