Your Pro Farmer newsletter (October 28, 2023) is now available
It took just over three weeks, but House Republicans finally (and unanimously) approved new Speaker Mike Johnson (R-La.). His first order of business will be trying to get the fragmented Republican party more united. The clock is also ticking on getting another short-term funding measure to keep the government running past the Nov. 17 deadline for the current continuing resolution. Johnson said he wants the full House to debate a new farm bill in December, but a one-year extension of the current farm legislation is gaining momentum – even now from Senate Ag Chair Debbie Stabenow (D-Mich.), who has shifted her stance. Many early tests lie ahead for Johnson and his fellow lawmakers. On the economic front, the Fed is widely expected to pause its interest rate increases following the Oct. 31-Nov. 1 monetary policy meeting. For the first time since 2017, China signed goodwill agreements to buy U.S. ag goods, including soybeans, corn, sorghum and wheat, ahead of an expected meeting between presidents Joe Biden and Xi Jinping in November. There’s also talk China could have washed out some Brazilian bean buys, which could push more near-term business to the United States. In South America, weather during the early stages of the growing season has been very uneven. USDA delivered the most negative Cattle on Feed Report over the past year, signaling supplies won’t be as tight as once expected, though the supply situation remains far from bearish. We cover all of these items and much more in this week’s newsletter, which you can download here.
