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Farm Workforce Modernization Act Creates a More Functional, Compassionate Farm Labor System

In an effort to improve the American agricultural labor system, the U.S. House of Representatives today voted in favor of the Farm Workforce Modernization Act. The chamber passed an earlier version of the bipartisan bill in late 2019.
 
At the organization’s convention earlier this month, National Farmers Union (NFU) members approved a special order of business urging “immigration reform…that includes a sensible path to legal status for undocumented workers, and that reforms the H-2A temporary agricultural worker visa program so that it serves the needs of workers and family farmers and ranchers.” Because the bipartisan bill addresses both concerns, NFU welcomed its reintroduction, as President Rob Larew indicated in a statement:
 
“As it’s currently designed, our farm labor system doesn’t work well for anyone involved. Farmers depend on highly skilled workers to help them with any number of tasks, but often face mountains of paperwork and excessive red tape in the hiring process. Farm workers, on the other hand, lack adequate protections, access to government assistance programs, options for long-term employment, or a clear future in this country.
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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!