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...
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
Key Market Insights Geopolitical Limbo: Geopolitical risk remained a key driver across global commodity markets today. President Trump stated that the Iran memorandum of understanding is not yet final and warned that military action could resume if negotiations fail. Both sides continue w...
Key Takeaways: Drought remains a major threat to global agricultural production, particularly in regions with limited rainfall and growing water scarcity. Commercially available drought-tolerant traits in corn, soybeans, and wheat have generally delivered modest yield improvements, limiting th...
