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NFU Concludes 119th Anniversary Convention

The National Farmers Union (NFU) 119th Anniversary Convention concluded today following the enactment of policy positions and priorities that support American farm and ranch families and strengthen rural communities.
 
For the first time in the organization’s history, the event was held entirely online – a fact that did not go unnoticed by the more than 500 family farmers and ranchers who attended. Before policy consideration, delegates to the convention approved a proclamation, written by NFU honorary historian Tom Giessel, acknowledging the unusual circumstances and highlighting “our collective sense of place.”
 
Delegates also adopted an amendment to the organization’s bylaws that will require delegates to future national conventions to be actively engaged in farming or ranching. Furthermore, they finalized the NFU Policy Book and several special orders of business which will guide its government affairs priorities over the course of the next year, especially as they relate to pandemic recovery, competition in agricultural markets, and climate change.
 
“Between the pandemic, natural disasters, and deep political division, the last year has tested all of us,” said NFU President Rob Larew. “But tough times are something this organization and its members know well – and every time we encounter a stumbling block, we respond quickly and constructively to find solutions, which is the essence of our grassroots policy-making process. Whatever difficulties we may be facing, Farmers Union members come together to reflect on how our food system can better serve farmers, consumers, rural communities, and the environment.”
 
Convention attendees heard remarks from Agriculture Secretary Tom Vilsack, Senator Debbie Stabenow, Senator John Boozman, Representative David Scott, and Representative Glenn Thompson. NFU President Rob Larew delivered his first State of the Farmers Union address, offering a reflection on an eventful first year in office and hopes for the organization’s future. Additionally, over the past several weeks, participants have had the opportunity to attend a series of ten educational sessions on variety of subjects, including rural mental health, diversity and inclusion in agriculture education, climate-focused economic development, and Farmers Union history. Videos of those webinars and this week’s sessions are available online here.
 
“Though we’ve all confronted unexpected challenges since our last convention, there are reasons to feel optimistic about the future,” said Larew. 
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Will the 2025 USDA December Crop Report Be a Market Mover/Surprise?

Video: Will the 2025 USDA December Crop Report Be a Market Mover/Surprise?


Historically, the USDA December crop report is a non-event or another dud report as the USDA reserves any final supply changes to the final report in January of the following year in this case 2026. But after the longest U.S. government shutdown in history at 43 days and no October crop report will they provide more data/surprise and make an exception?
Our China U.S. soybean purchase tracker is now at 26.6% or a total of 3.2 mmt but for traders it’s taking too long to unfold.
The final Stats Canada production report was bearish canola and wheat projection a record crop in both (it adds to the global glut of supplies) and bullish local corn and soybean prices in Ontario/Quebec thanks to a drought. It will not help the fund flow short-term, the USDA may need to offset it?
A U.S. Fed interest rate cut of another 25-basis point next Wednesday (probability 87.1%) could help fund flow and sentiment in stock and ag commodities into year end.
More inflows into Bitcoin this past week saw prices rebound back above 90,000 with support at 82,000 and resistance at 96,000.
A V-shaped bottom in cattle suggest the lows are in after Mexico reported another new world screwworm case. Lower weights, seasonal demand and higher U.S. beef select/choice values with a continued closure of the Mexican border to cattle will result in a resumption of higher cattle futures into yearend.
Australia is expected to produce its 3rd largest wheat crop ever at 36 mmt adding to the global glut of supplies.
Reports of ASF in hogs in Spain the largest pork exporter in Europe could see the U.S. win more pork export business long-term.
If the rains verify into next week of 3-5 inches for Brazil it would go a long way to fixing the dry regions from the last 2-months, but the European weather model has been wrong for the past 2-months!
Natural gas futures are surging to the 3rd price count as frigid hold temps set in.
CDN $ is also surging to end the week on a very resilient economy and better employment numbers suggesting no interest rate cuts next week.
Finally, the CFTC report showed funds were net buyers of soybeans but sellers of corn, canola and wheat. In real time the funds have gone back to selling as they take some profits.