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Senate Agriculture Chair John Boozman delayed the formal release of his farm bill legislative text — originally expected on Thursday — to Friday or Saturday as senators work through what he described as a “couple of glitches” with the package, Politico reported.
The report said Senate Agriculture Committee staff members were scheduled to brief agriculture lobbyists and trade groups about the contents of the bill on Thursday but canceled the event without providing an explanation for the delay. Politico cited multiple people it said were familiar with the matter who spoke on condition of anonymity to describe the abrupt change.
Boozman unveiled a draft text last month and was set to introduce the package that the committee would market up next Thursday, which would include language allowing year-round sales of E15 along with any potential compromise on demands from Democrats to postpone cuts to Supplemental Nutrition Assistance Program spending, the report said.
Economy slows in Q2
The U.S. economy grew at a 1.5% annualized pace in the second quarter, the government said in an initial estimate Thursday, decelerating from the pace seen in the first three months of the year and coming in below Wall Street estimates of 2% growth. A larger trade deficit and slow inventory rebuilding were a drag on the report, but consumer spending rose at a robust 3.2% and business investment continued at a rapid pace, fueled by the artificial intelligence buildout.
Fed’s favored inflation gauge cools
The Federal Reserve’s favored inflation gauge cooled more than expected in June but remains well above the central bank’s 2% target. The personal consumption expenditures (PCE) index fell 0.1%, pulled down by energy prices, bringing the 12-month rate down to 3.7% from 4.1% in May. The core figure, which strips out food and energy prices and is viewed by the Fed as the most reliable measure of price pressures in the economy, rose 0.1%, allowing the 12-month rate to cool slightly to 3.3% from 3.4% in May. The report also showed personal income rose 0.2% in June, while consumer spending rose 0.3%.
Drones hit Russian grain export terminal: A Ukrainian drone attack caused “significant damage” to a Russian grain export terminal on the Kerch Strait, Reuters reported, the latest in a series of attacks between the two countries that have targeted grain shipping and infrastructure and raised concerns about exports out of the Black Sea region. The report said the terminal has a capacity of 5 million metric tons. Shipping in the Sea of Azov and the Kerch strait, which handled around a quarter of Russian grain exports, has been halted due to drone attacks since June 10. Russia has targeted Ukrainian shipping and ports near Odesa.
Sugar demand up, corn syrup down: Data released Thursday showed U.S. demand for sugar grew modestly along with the population, while use of high fructose corn syrup fell, according to a Reuters report, indicating consumers may be trying harder to avoid highly processed foods than to cut back on sugar. Cane and beet sugar demand in the U.S. rose 0.6% in the first half of the 2025/26 marketing year that started in October, while HFCS deliveries fell 3.5% in the same period, said a report by U.S. rural lender CoBank based on compiled data from USDA.
Situational Awareness implodes: “One of the wildest months in recent memory for the U.S. stock market is ending on yet another remarkable note: A highflying hedge fund run by an AI wunderkind in his mid-20s has apparently just been carried out on a stretcher,” writes MarketWatch’s Joseph Adinolfi, describing the fate of Situational Awareness after it reportedly offloaded most of its public equity portfolio. Founded by former OpenAI researcher Leopold Aschenbrenner, the hedge fund offloaded the bulk of its stock portfolio to Citadel, the giant hedge fund founded by billionaire Ken Griffin, the Wall Street Journal reported.
The fund had amassed well over $20 billion in assets under management since its founding just around two years ago, according to the Journal, making it one of the fastest-growing firms in years. Aschenbrenner, in his mid-20s, was seen by some as an AI oracle,the report noted, with other investors closely tracking his firm’s movements as it placed big, leveraged bets. According to the Financial Times, the firm told investors in a letter sent earlier in July that its portfolio had been up 439% during the first half of 2026.
For some stock-market investors and traders, July’s momentum crash has been among the most painful in recent memory, Adinolfi noted, with stocks of AI-related companies associated with high-volume and rapid moves in one direction largely down sharply this month. A Thursday rally led by AI stocks indicates investors think the bottom is in. Only time will tell.
Saudis organize maritime defense coalition: Saudi Arabia on Thursday announced the formation of a multinational maritime defensive coalition to protect shipping, global trade, and energy supply routes in the Red Sea, Bab al-Mandab Strait, and Gulf of Aden amid threats from Yemen’s Houthi rebels, the Financial Times reported. Riyadh hosted a meeting of 43 countries and the European Union to discuss the plans. Following the session, 14 nations — including Egypt, Pakistan, Turkey, Sudan, and several other Arab and African countries — affirmed their commitment to join. While the United Arab Emirates and Oman were notably absent, Saudi Arabia’s defense ministry stated that the door remains open for other nations to join. The report said the coalition will be led by Saudi Arabia and headquartered in Riyadh. Participating member countries have agreed to share intelligence and engage in joint maritime operations and exercises to enhance security and safeguard freedom of navigation in the region.