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NCGA Recognizes NAFTA Benefits

NCGA is committed to creating new market opportunities for U.S. corn. This includes expanding market access for U.S. corn around the globe and securing our most important markets by injecting certainty back into our relationships with Mexico and Canada.
 
The North American Free Trade Agreement (NAFTA) has been an unequivocal success for American corn farmers. Since 1994, U.S. corn exports to these regional partners have increased 300 percent and Mexico is now the top export destination for U.S. corn.
 
Corn exports to Mexico were up nearly 13 percent for 2017/2018 from the previous year, reaching a record high of 15.7 million tons or 618 million bushels.
 
In 2016 alone, more than 17.3 million metric tons of corn and corn co-products were exported to Mexico and Canada, valued at $3.2 billion.
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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!