Headlines:
Trump Says Congress Should Pass Farm Bill with Food Stamp Work Requirements
U.S. President Donald Trump said on Wednesday the final agriculture bill that the U.S. Congress sends to him to sign into law should include work requirements for people receiving food stamps, the grocery subsidies officially called SNAP (Supplemental Nutrition Assistance Program). “#FarmBill with SNAP work requirements will bolster farmers and get America back to work. Pass the Farm Bill with SNAP work requirements!” Trump tweeted, as the two chambers of Congress begin reconciling separate bills that they recently passed into a single piece of legislation for him to sign. A large bicameral committee will meet on Wednesday to begin negotiating the final bill, with the hope of completing its work before the current law expires on September 30. More than 40 million eligible, low-income Americans use SNAP to subsidize their groceries. Authorization for SNAP funding is included in the sweeping agriculture bill that also covers crop subsidies, rural development, and conservation. The House of Representatives has passed a farm bill that would expand the work requirements for those receiving SNAP and limit governors’ ability to waive the requirements, while the Senate version made minor changes, such as extending job training programs.
NAFTA Talks to Resume in Afternoon After Canada Cites ‘Good Will’
Canada insisted there was still room to salvage the North American Free Trade Agreement after talks on Wednesday with the United States and said both sides would meet again later in the day after separate discussions on this morning’s proposals. There were few signs, however, that a deal was close to being struck and comments by Canadian Prime Minister Justin Trudeau on Tuesday indicated there would be little compromise from Ottawa on its red-line issues. Canada wants a permanent exemption from President Donald Trump’s steel and aluminum tariffs and the threat of auto tariffs to be removed. It also wants to continue protections for its dairy industry and defend lumber exports to the United States, which have been hit with duties. “We continue to work hard,” Canadian Foreign Minister Chrystia Freeland said after meeting with U.S. Trade Representative Robert Lighthizer. “There is good faith and good will on both sides.” U.S. officials did not comment after Wednesday’s meeting, which came after Trump said he was willing to dump Canada from the $1.2 trillion three-country trade pact after he reached agreement with Mexico last week.
Summary:
Tropical storm Gordon hit land along the Alabama/Mississippi border earlier and weakened some as it travelled north along the Mississippi Valley throughout the day today. As trade negotiations between the US and Canada resumed the corn market was choppy overnight and throughout the day. The USDA crop conditions fell 1% to 67% in the Good to Excellent category and forecasts for heavy rain for the balance of this week has extended crop concerns. The support early in the week was from the Argentine measures to counteract the weakness in their currency to re-instate an export tax in Argentina.
The soybean market was steady overnight with light volume, but was eventually overcome by price pressure after hitting overhead resistance. There remains not progress or agreement between the US and China on trade tariffs. Crop conditions were unchanged at 66% in the Good to Excellent category. There have been reports of early harvesting some parts of Minnesota and North Dakota. Early indications suggest that the beans look healthy.
The Southern Plains area that has suffered a drier weather pattern is expected to receive some beneficial rains over the weekend. December Wheat is positioned at a critical level and needs to hold support this week if it is to have a higher probability of returning to strength.
