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🌾 Welcome back! Today we’re diving into big moves in the currency, grain, gold, and policy worlds—and what they mean for agriculture and global markets.

💵 US Dollar Weakness
The US dollar tumbled to multi-year lows as markets brace for a potential Fed rate cut. A weaker dollar is giving commodities a lift, but stronger-than-expected retail sales could temper the Fed’s dovish tone. See charts on the US Dollar Index, USD/BRL, and Bloomberg Commodity Index.

🌏 Trade & Tariffs
Treasury Secretary Scott Bessent signaled fresh US-China trade talks are coming. If no deal is reached, President Trump’s tariffs (34% baseline, up to 60% effective) will take effect November 10. Last year’s $300B trade deficit with China is expected to shrink by 30% this year. Notably, China has yet to purchase US soybeans this marketing year.

🌽🌱🌾 Grain Futures Rally
Corn, soybeans, and wheat all moved higher Tuesday:
Corn near $4.30
Soybeans near $10.50
Wheat higher for the 4th straight session
Drivers: weak USD, smaller crop worries, and optimism over export demand.

🧪 Fertilizer Research Act
Senators Grassley, Baldwin, and Ernst reintroduced bipartisan legislation directing USDA to study fertilizer pricing and competition. Fertilizer now accounts for ~36% of corn farmers’ costs. The bill has backing from NCGA and ASA.

🥇 Gold at Record Highs
Gold surged past $3,700/oz—its strongest run since 1979. Hedge funds and ETFs are piling in, with stagflation and global instability adding fuel. 

⛽ Biofuel Policy Updates
The EPA is weighing proposals to reallocate waived blending requirements from the Small Refinery Exemption program. Options:
50% reallocation (2023–2025)
100% reallocation (2026–2027)
Public comment runs through October 31.

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