Your Pro Farmer newsletter (October 7, 2023) is now available

Congress passed an 11th-hour stopgap measure to keep the government funded through Nov. 17, but chaos ensued as Kevin McCarthy (R-Calif.) was ousted from his House leadership role, marking the only time in history a speaker has been removed by colleagues. The process of electing a new speaker will take time, lowering odds of getting a new farm bill done this year – and even making an extension uncertain. Aside from the chaos in Washington, there is an increased focus on trade. The U.S. recorded another record ag trade deficit in August. On a broader scale, the World Trade Organization slashed its global trade growth forecast for this year. Our News page 4 feature looks at commodity market risks from trade fragmentation. On the economic front, bond yields are surging as investors now believe the Fed will stick with a “higher for longer” stance with interest rates. That pushed the U.S. dollar index to its highest level since November of last year, which creates headwinds for U.S. ag exports. We cover all of these items and much more in this week’s newsletter, which you can download here.