Statement from Agriculture Secretary Vilsack on President Biden's Actions to Address Infant Formula Shortage

May 23, 2022

“We know that this situation is causing stress and anxiety for many families across the country and President Biden has said that this administration will do everything in its power to ensure babies and families have access to the formula that they need. As the President directed, the Department of Agriculture will immediately begin coordinating with the Department of Defense and expand its coordination with our Health and Human Services counterparts to get safe formula on store shelves as quickly as possible.

"At USDA, we take seriously our role in safeguarding the health of families served by our WIC Program, which has been heavily impacted by the infant formula recall and resulting supply issues. USDA is taking aggressive action to support WIC participants.

"In coordination with our partners across the Federal Government, we will immediately get to work.”

Source : usda.gov

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!