Agri-Pulse DriveTime

The end of the fiscal year brings another missed deadline for a new farm bill. Congress must approve another extension, write new policy or allow permanent law to take over in the new calendar year. The USDA's September Grain Stocks report is due tomorrow. El Nino is strengthening and leaving questions how the event will impact field activity in the U.S.

Soybean prices broke lower today after details of last week's trade discussions between President Trump and President Xi didn't include Chinese tariffs on U.S. soybeans or the announcement of any additional purchase intentions. Wet weather hampered the harvest pace last week and threatens to keep a lid on progress in the week ahead.

Trump administration officials said they will release trade details of this week's discussions with China on Monday. Trump and Xi are expected to meet twice more this year. Iran has offered a plan to open the Strait of Hormuz and there's another name vying for leadership on the House Ag Committee.

News has been limited of the talks between President Trump and President Xi. Iowa Senator Charles Grassley says the high profile state visit should yield results for the nation. The war between Russia and Ukraine is limiting wheat exports from the Black Sea region but buyers haven't felt the pinched supply. U.S. hog inventory is down compared to last year.

Negotiations between President Trump and Chinese President Xi Jinping are set for tomorrow in Washington. Analysts say agriculture is well positioned to be a part of the discussions between the two world leaders. Soybean growers hope for renewed buying interest from its previous top buyer. One Iowa legislator is calling on House members to return to Washington and address increased fuel prices.

President Trump made threats toward Iran in his address to the U.N. General Assembly and later met with Iranian officials. The president also met with the new Prime Minister of Britain and Prime Minister from Japan. A new survey by two major row crop grower associations highlights farmer uncertainty over their financial future.

The Renewable Fuels Association has field legal challenges to the Environmental Protection Agency's granting of small refinery exemptions. President Trump announced he is working on a "massive deal" to purchase potash from Belarus. Grain futures were higher today anticipating positive news from meetings this week between the U.S. and China.

Soybean and soy product futures fell at the Chicago Board of Trade. Technical factors and fundamentals plagued the end of the week trade. Arlan Suderman with StoneX believes commodity futures are well positioned in front of meetings with China.  Harvest delays are expected next week.

National Farmers Union President Rob Larew says the economic challenge for farmers is well beyond commodity prices. Dr. Alex Buck with the Plant Based Products Council told House Ag Committee members that the U.S. is missing an opportunity to capture market opportunities. The Meat Institute is celebrating tonight at the ballpark.

Along party lines, the Senate Agriculture Committee advanced a farm bill proposal by a 12-11 vote. Leaders said the proposal was long overdue and represents a long list of bipartisan amendments. The Fed raised its benchmark interest rate for the first time since 2023.