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AGRIS CO-OPERATIVE WHEATLEY ELEVATOR OPEN HOUSE

A large group of producers attended an open house and BBQ at the AGRIS Co-operative, Wheatley elevator location on Wednesday October 2, 2019, which was hosted by AGRIS Chatham-Kent and Essex county staff. AGRIS Co-operative board president John Nooyen, AGRIS Co-operative general manager Jim Campbell and Essex area manager Alex Michinski, all spoke briefly and updated producers on the Wheatley elevator facility.
 
There are three receiving pits at Wheatley, two for crushed soybeans and one for IP’s. A new “800” number is coming soon for Wheatley and will allow producers to complete grain transactions and contracting over the telephone.
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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!