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Cornhuskers Harvesting a Record

Nebraska’s cornhuskers, not the athletic program at the university but its corn farmers, could be harvesting a record crop this year according to estimates released Friday by the USDA National Agricultural Statistics Service (NASS). The agency forecasts Nebraska’s corn crop will be 1.90 billion bushels this year, up 10% from last year, exceeding the earlier record set in 2021 by 45 million bushels (Figure 1). Average yield is estimated at 196 bushels per acre. If realized it would also be a new record high. Soybean production is also expected to exceed last year, up 16% to 310 million bushels, but it is not expected to surpass the 2021 record. Soybean yield is pegged at 59 bushels per compared to 51.5 bushels last year.

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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!