The federal government is open this morning due to some unexpected and quick moving maneuvers on Saturday, the last day of FY 2023. A 45-day short-term continuing resolution (CR) was passed by the House and the Senate; that gives both chambers more time to work out a full year funding plan for FY 2024. The CR originated in the House on Saturday 30 September, and passed 335-91; it passed in the Senate about three hours before the fiscal year expired, by a vote of 88-9. A few observations:
The CR provides funding for the next 45 days, which ends the Friday before Thanksgiving. By then, Congress will have to pass the full appropriations for FY 2024, or another short-term extension. Recall that the 2018-2019, a government shutdown o...
What You Need to Know Today: Markets got a surprise with a corn yield of 181.2 bushels/acre in the October WASDE, above the average estimate of 177.6 bushels/acre and up from USDA’s September estimate of 178.5 bushels/acre. Although stronger demand is expected to absorb some of the addit...
Key Takeaways: On Friday afternoon, President Trump announced that Russia will “immediately supply over 300,000 Tons of Diesel Fuel” to the United States. The deal, typical of this administration, is light on details but promises an additional 500,000 tons in November and 1 m...
The USDA has lowered its 2026 red meat production forecasts slightly while forecasting a slight increase in broiler production. Beef is now projected at 24.802 billion pounds, 75 million pounds less than in September. Cow slaughter is expected to be up; however, this will be offset by lower ste...
