IL Corn Joins Over 530 Organizations in Push for Farm Bill

Jul 24, 2024

This week, the IL Corn Growers Association joined over 530 organizations in a letter to House and Senate leadership calling upon Congress to pass a bipartisan farm bill.

The letter was signed by representatives in the nutrition, agriculture, environmental and other sectors and relayed the coalition’s concerns of continued inaction.

“If Congress does not come together this year to enact a bipartisan farm bill, the legislative process will begin anew in the 119th Congress,” the letter said. “Given the significant legislative, and possibly administrative, duties of a new Congress including the seating of new leadership and committees, Senate nominations, and other essential actions during the first months of the 119th Congress, we have concerns that it may not be logistically or politically feasible to advance a new farm bill early in the next Congress.”

Click here to see more...

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!