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Secretary Naig Praises Extension of Current Farm Bill, Encourages Swift Action on New Legislation

Dec 23, 2024

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Iowa Secretary of Agriculture Mike Naig provided the following statement today after Congress passed a continuing resolution, which included a one-year extension of the current Farm Bill:

“While I am disappointed that a new Farm Bill did not pass during this Congress, a one-year extension of the current bill provides Iowa farmers with some added certainty at a time when the ag economy remains soft. We must now focus on enacting a modernized 5-year Farm Bill, and I am eager to work with the new Congress and the Trump Administration to get this priority accomplished early next year. Every title of the Farm Bill matters to Iowa. I will continue to advocate alongside the Iowa delegation for the needs of Iowa farmers, including risk management tools, trade promotion and market development, conservation resources, and support for our rural communities. Thank you to Senators Grassley and Ernst as well as Representatives Feenstra, Nunn, Hinson, and Miller-Meeks for your commitment to fighting for Iowa’s priorities in Washington.”

Source : iowaagriculture.gov

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!