Evening Report | On Again, Off Again, On Again

Treasury Secretary Scott Bessent confirmed that the meeting between President Trump and China’s leader Xi Jinping is back on…

Evening Report
Evening Report
(Pro Farmer)

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On again, off again, on again… Treasury Secretary Scott Bessent confirmed that the meeting between President Trump and China’s leader Xi Jinping is back on after their latest trade fight, keeping hope alive for a deal on soybeans. Bessent told Fox Business News that President Trump will meet with China’s Xi at the Asia Pacific Economic Cooperation Summit in South Korea next month, despite their recent trade flare-up. “He [Trump] will be meeting with Party Chair Xi in Korea. There has been substantial communication over the weekend,” Bessent offered.

President Trump threatened not to meet with Xi after Beijing announced export controls, but then posted on Truth Social that things “will work out” with China, that Xi “just had a bad moment.” Bessent remarked, “I am optimistic that this can be de-escalated.”

Competing maritime fees volleyed between U.S. and China… The U.S. and China have begun charging competing port fees on ocean shipping firms that move everything from holiday toys to crude oil. Reuters said the new fees will make the high seas a key front in the continuing trade war between the world’s biggest economies. China has started collecting the levies on U.S.-owned, operated, built, or flagged vessels, but clarified that Chinese-built ships are exempt from the same levies.

Earlier this year, President Donald Trump announced plans to levy fees on China-linked ships to loosen the country’s grip on the global maritime industry and boost U.S. shipbuilding. Yahoo said an investigation during former President Joe Biden’s administration found that China uses unfair trade policies and practices to dominate the global maritime, logistics, and building sectors.

National Farmers Union Appeals to Trump Administration… WASHINGTON - National Farmers Union (NFU) today sent letters to President Trump and Congressional leaders urging immediate action to provide economic relief for family farmers and ranchers facing worsening financial conditions. NFU emphasized that aid should reach family farm operations that need it most, and for parallel efforts to rebuild fair markets and curb corporate consolidation in agriculture.

Said NFU President Rob Larew, “Input costs are projected to reach record levels in 2025. Stress levels are high among farmers, reflected in the rising number of farm bankruptcy filings across the country.” In his letter, President Larew outlined three key principles to ensure aid provides meaningful and lasting relief:

  • Aid payments must be directed to family agricultural operations and balanced among regions and crops.
  • Aid must be paired with efforts to investigate monopolies in the agriculture industry and their resulting impacts on the farm economy.
  • Resources must be dedicated to developing new and enhanced domestic markets for American crops and enhancing existing markets, including local and regional markets.

The number of farms in the U.S. has been declining for decades, with more than 140,000 farms lost between 2017 and 2022. That decline continues today as farmers face record-low commodity prices and shrinking international markets. For the first time in more than two decades, Chinese importers have not purchased American soybeans this year, cutting off U.S. producers from their largest export market and further straining rural economies.

Government shutdown spurs multiple woes…The government shutdown is hitting the nation’s farmers and ranchers in multiple ways. Politico points out that the shutdown is stalling the delivery of farm loans, the release of critical market reports, and the administration’s plan for emergency assistance for farmers. Row-crop producers who grow corn, wheat, and soybeans have been weathering uncertainty for months. Politico said every day the government isn’t open adds to the anxiety in farm country, especially as growers are harvesting crops and having to pay bills and their banks.

The risks of farm bankruptcies continue to climb this year. A New York Times report said the shutdown is interfering with planning for next year as farmers have to make decisions about what’s ahead in 2026. Those plans depend on information only the federal government can provide, including market data and available loans.

FFA recognized for cultivating character… The National FFA Organization is one of six national organizations to receive a $10 million grant from Lily Endowment, Inc. The grants are being awarded through the latest round of Lily Endowment’s initiative, called the “Character Through Youth Programs,” which helps youth-serving organizations with a nationwide reach create, test, implement, and sustain strategies that support character development in young people ages five to 18.

“The organizations like National FFA have a long history of supporting young people and helping them grow into healthy, resilient adults,” said Ted Maple, Lily Endowment’s vice president for education and youth programs.

Notable closes…
Corn futures notched respectable gains in today’s trade on a round of modest short covering.

  • December corn futures were 3 ¾ cents higher at $4.16 3/4
  • March corn added 3 cents to $4.32 1/4
  • May corn futures closed at $4.41, that’s up 3 cents on the day

Lean hog futures were mildly higher with support stemming from tepid gains in pork product prices. The CME lean hog index is down another 58 cents to $97.99 as of Oct. 13.

  • December hogs firmed 45 cents to $83.60
  • February hogs firmed 25 cents to close at $85.70