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Rosenort's K-Tec Earthmovers Merging With U.S. Company

K-Tec Earthmovers Inc has announced its merger with Ashland Industries. The merger will create one of the largest companies in the industry.

The newly merged organizations will be headquartered in Rosenort, MB and led by Mikhail Palitsky, President of K-Tec. The combined business will have manufacturing and service locations in both Rosenort and Ashland, WI, USA.

K-Tec and Ashland are leading manufacturers of earthmoving scrapers and accessory products serving the construction, mining, and agriculture markets.

There will be no management changes at either company as a result of the merger.

“In the weeks leading up to the announcement, the K-Tec and Ashland teams met several times and it was apparent that all of us could not be happier with the “fit” of the two companies. We share a similar vision for the earthmoving industry and are very proud to unite our families of earthmovers under one umbrella. I want to reassure our dealers and customers that we will not be making any changes to the 2020 sales programs and product offerings. We look forward to meeting with our dealership network to gain their feedback on their needs for the future, and how we can help them each succeed.” said K-Tec President Mike Palitsky.

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Agricultural and Economic Briefing: USDA Reports, Global Tensions, and Market Reactions

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USDA Crop Production and WASDE Reports The USDA is set to release its monthly Crop Production and WASDE reports today at 11:00am CST. These reports will reflect the updated new crop US corn and soybean balance sheets, incorporating data from the June Planted Acreage report which showed a significant increase in corn acreage. While no major adjustments to US corn and soybean yield projections are expected, the focus will be on potential changes to global supply and demand. The reports are anticipated to bear a mostly bearish tone, especially concerning corn prices.

Geopolitical Developments in Ukraine Ukraine's recent detention of a foreign cargo ship on the Danube River, suspected of carrying stolen Ukrainian grain from Russian-occupied Crimea, has escalated tensions. This incident has stirred concerns about potential Russian retaliatory actions during Ukraine's crucial grain export season. Wheat futures saw a sharp rise following the news, highlighting the sensitive interplay between geopolitical events and commodity markets.

US Drought Conditions and Agricultural Impact Recent USDA drought monitor data indicates mixed conditions across the US Corn Belt and High Plains, with many areas receiving beneficial rainfall and experiencing cooler-than-average temperatures. However, conditions have worsened in parts of western Illinois and northeast Missouri. These evolving weather patterns are critical for crop development stages and will continue to influence market dynamics.

US Crop Export Sales Corn export sales showed an increase last week, with Colombia being the largest buyer. However, soybean sales were relatively weak, with the Netherlands as the primary buyer. The varied performance in crop export sales reflects shifting global demand and market conditions, which traders closely monitor for strategic insights.

Economic Indicators and Market Reactions In a surprising economic update, consumer prices declined for the first time in four years last month, with the CPI falling 0.1% in June. This decline, coupled with the slowest annual inflation increase since March 2021, has significantly influenced market expectations, with the probability of the Federal Reserve beginning rate cuts in September now standing at 89%.

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