Trump to Alter Convention Speech and Base It on Unity, VP Selection Today

News/Markets/Policy Updates: July 15, 2024

(Farm Journal )

MARKET FOCUS

• Fed Chair Powell speaks today at noon ET
• Investors racing to get piece of stock market’s big gains
• AT&T paid hackers about $400,000 to erase stolen sensitive call & text log data
• Apple’s sales in India hit a record of almost $8 billion
• WH Group to float Smithfield Foods’ U.S. & Mexico operations on NYSE or Nasdaq
• High interest rates start to wear on biggest banks
• JPMorgan Chase CEO Jamie Dimon: rates could stay elevated for longer
• Dr. Vince Malanga, president of LaSalle Economics, sizes up economy activity
• Ag markets today
• Southern Ag Today looks at net short hedge fund position in ICE cotton futures
• Ag trade update
• NWS weather outlook
• Pro Farmer First Thing Today items

TRUMP ASSASSINATION ATTEMPT ON JULY 13

• Latest developments
• Trump talks about assassination attempt in interview with New York Post
• Texas Ag Commissioner Sid Miller near Trump during rally shooting

ISRAEL/HAMAS CONFLICT

• Hamas denies it’s pulling out of cease-fire talks

CHINA

• Third Plenum, which starts today, may lead to policy changes
• China’s economy slowed sharply in the second quarter
• China’s Q2 pork output declines

TRADE POLICY

• China asks WTO to establish expert panel on U.S. EV subsidies dispute

LIVESTOCK, NUTRITION & FOOD INDUSTRY

• USDA proposes amendments to federal milk marketing orders after national hearing
• NCBA members discuss implementation of USDA’s new disease traceability rule

POLITICS & ELECTIONS

• Trump revises convention speech to emphasize unity
• Trump reaches out to Nikki Haley, who will speak to GOP convention on Tuesday
• NBC corrects big mistake of recent poll
• Theme of first day of 2024 GOP convention: “Make America Wealthy Once Again”
• Good files for recount in Republican primary for Virginia’s 5th Congressional District

OTHER ITEMS OF NOTE

• Cost of First-Class postage stamps rises by 5 cents

— Equities today: Asian and European stock indexes were mixed overnight. U.S. stock indexes are pointed toward higher openings. U.S. Dow opened around 230 points higher, as investors assessed the implications of Saturday’s assassination attempt on former President Donald Trump. Bets on a Trump victory in the November presidential election have increased sharply, data from betting marketplace PredictIt show — the PredictIt website showed his odds rising to 67% on Sunday compared with 60% on Friday. In Asia, Japan closed. Hong Kong -1.5%. China +0.1%. India +0.2%. In Europe, at midday, London -0.3%. Paris -0.6%. Frankfurt -0.4%.

(Predict and NYT)

U.S. equities Friday: The Dow rose 247.15 points, 0.62% to 40,000.90. The S&P 500 increased 30.81 points, 0.55% to 5,615.35. The S&P 500 is up 18% for the year, with 10 of its 11 sectors now in the green. The Nasdaq rallied 115.04 points, 0.63%, to 18,398.45.

For the week, the Dow rose 1.6% for the period. The S&P 500, meanwhile, was up 0.9% last week, while the tech-heavy Nasdaq rose 0.3% during the same period. With those gains, the Dow is up 6.1% for the year and the S&P 500 has risen 18% so far in 2024.

Treasury yields were steady, with the 10-year yield slipping to 4.187% on Friday. It had dropped Thursday to settle at 4.192% after the inflation data boosted investors optimism about rate cuts.

— Investors are racing to get a piece of the stock market’s big gains. They poured more than $15 billion into funds tracking U.S. equities at the end of June, the biggest haul in a year.

— AT&T paid hackers about $400,000 to erase stolen sensitive call and text log data.

— Apple’s sales in India hit a record of almost $8 billion as it won more users in the world’s most populous country.

— WH Group, the world’s largest pork-producing company by sales, announced plans to float Smithfield Foods’ U.S. and Mexico operations on either the New York Stock Exchange (NYSE) or Nasdaq. This move marks a significant development for Smithfield Foods, which was acquired by WH Group in 2013 for $4.7 billion and subsequently delisted from the NYSE. Smithfield Foods, headquartered in Smithfield, Virginia, is the largest pork producer in the United States, processing approximately 30 million hogs annually. The company owns several popular brands, including Nathan’s Famous.

The decision to list Smithfield’s U.S. and Mexico businesses comes as part of WH Group’s strategy to unlock value and potentially raise capital. According to reports, WH Group aims to secure a minimum of $1 billion in funds through this initial public offering (IPO). This move is particularly noteworthy given the historical context of WH Group’s acquisition of Smithfield Foods in 2013, which was one of the largest takeovers of an American company by a Chinese corporation at the time. The planned IPO represents a return to U.S. equity markets for Smithfield after more than a decade of Chinese ownership.

The announcement was made in a filing with the Hong Kong stock exchange, where WH Group is currently listed. While specific details about the timing and size of the offering have not been disclosed, the news has attracted significant attention in both the financial and agricultural sectors.

This development comes at a time when the global pork industry faces various challenges and opportunities, including fluctuating demand, supply chain issues, and evolving consumer preferences. The potential listing of Smithfield’s U.S. and Mexico operations could provide investors with a new opportunity to participate in the pork production market and may also impact the competitive landscape of the industry.

— Ag markets today: Corn, soybeans and wheat faced moderate to heavy selling pressure during the overnight session. As of 7:30 a.m. ET, corn futures were trading 4 to 6 cents lower, soybeans were 14 to 15 cents lower, winter wheat markets were 12 to 15 cents lower and spring wheat was 8 to 9 cents lower. The U.S. dollar index was trading just above unchanged, while front-month crude oil futures were modestly weaker.

Wholesale beef prices remain elevated. Choice boxed beef prices firmed 41 cents on Friday to $322.06, while Select dropped $1.07 to $302.31. Wholesale prices pulled back from their recent highs last week, but values remain elevated, though estimated packer margins are now in the red.

Cash hog index drops, pork cutout firms. The CME lean hog index is down 27 cents to $88.38 as of July 11, extending the seasonal pullback to the lowest level since April 9. The pork cutout firmed $2.61 to $98.84 on Friday as all cuts except ribs posted gains.

— Agriculture markets Friday and for the week:

· Corn: December corn futures rose 4 cents to $4.14 3/4, but still lost 9 1/4 cents on the week.

· Soy complex: November soybeans fell 2 1/2 cents to $10.65 1/4 and marked a 64 1/2-cent weekly loss. August soymeal fell $3.60 to $338.80 and edged $18.50 lower on the week. August soyoil fell 47 points to 46.65 cents and for the week fell 290 points.

· Wheat: December SRW wheat futures fell 19 1/4 cents to $5.75 3/4, near the session low and hit a four-month low. On the week, December SRW lost 37 3/4 cents. December HRW wheat futures dropped 15 1/4 cents to $5.86 1/2, nearer the daily low and on the week down 29 1/2 cents. December spring wheat fell 20 1/4 cents to $6.17 1/4 and marked a weekly loss of 33 3/4 cents.

· Cotton: December cotton rose 40 points to 71.27 cents and marked a 29-point gain on the week.

· Cattle: August live cattle futures rose 12 1/2 cents to $182.375 and nearer the session high. For the week, August live cattle lost $4.05. August feeder cattle futures gained $2.50 to $258.65 and nearer the session high. For the week, August feeders fell $2.825.

· Hogs: The expiring July contract edged up 15 cents to $88.70, while most-active August surged $1.775 to $88.45. The closing quote marked a weekly decline of just 72.5 cents.

— Quotes of note:

· Federal Reserve Chair Jerome Powell will speak at noon today at the Economic Club of Washington, D.C. San Francisco Fed President Mary Daly is also due to speak later today. The appearances come after economic reports last week bolstered bets on one to two rate cuts in 2024.

· High interest rates have started to wear on the biggest banks, with deposit costs rising and customers like credit-card and commercial-property borrowers feeling the effects of higher debt payments, writes Heard on the Street’s Telis Demos (link).

· JPMorgan Chase CEO Jamie Dimon said Friday that while there has been progress on inflation, prices and rates could stay elevated for longer. Consumer optimism about the economy dropped to an eight-month low in July over frustration with high prices, the Michigan Consumer Sentiment survey said.

— Dr. Vince Malanga, president of LaSalle Economics, sizes up economy activity.

• Moderating economic activity: Economic activity slowed in June despite continued payroll growth and wage increases outpacing inflation. The public sector’s expansion prevented an economic decline in the spring quarter.

• Private sector weakness: Housing remained unresponsive to easing borrowing costs, and both ISM manufacturing and the service sector contracted, highlighting weaknesses in the private sector. Aggregate hours worked increased by only 0.3% annually over the three months through June and by 1.1% over the past year.

• GDP growth: The Atlanta Fed GDP model predicts 2% growth for the spring quarter, down from an initial estimate of 4%. Given nearly stagnant hours worked, this implies a significant rise in productivity, crucial for profits amidst nominal GDP growth of about 4.5% and a strong dollar exchange rate.

• Inflation pressure: Inflation pressure is decreasing as real activity softens. Industrial and energy commodities have stabilized, and agricultural commodity prices are weakening due to anticipated strong North American production. The yearly rise in core CPI dipped from 3.4% to 3.3%, and the rate is below 1% annually over the past three months. By year-end, the inflation rate could approach the Fed’s 2% target.

• Interest rate cuts: Dr. Malanga argues for an early rate cut to stabilize real estate markets and facilitate financing of public spending. However, he says a rate cut in July is unlikely without an external shock or a significant increase in jobless claims. The Fed’s July meeting is expected to discuss an interest rate cut, balancing inflation and real activity.

Market perspectives:

— Outside markets: The U.S. dollar index was gaining ground ahead of U.S. trading, with the euro and British pound weaker against the greenback. The yield on the 10-year U.S. Treasury note rose, trading around 4.23%, with a mixed-to-negative tone in global government bond yields. Crude oil futures were lower, with U.S. crude around $82.00 per barrel and Brent around $84.80 per barrel. Gold futures were up and silver futures were down, with gold around $2,423 per troy ounce and silver around $30.96 per troy ounce.

— Southern Ag Today looks at the net short hedge fund position in ICE cotton futures. Hedge funds, or “managed money,” invest in commodity futures, stocks, bonds, and other assets. Figure 1 from a Southern Ag Today (SAT) article (link) illustrates hedge fund activity in ICE cotton futures over the past decade, showing bullish net longs (upward green areas) and bearish net shorts (downward green areas). In contrast, index funds maintain stable, long-only positions (blue areas) by holding and rolling over futures contracts.

(Southern Ag Today )

Hedge fund net long/short positions directly impact ICE cotton futures prices. Historical data suggests a 1.9-cent price drop in cotton futures for every 10,000-contract decrease in net long positions. Recently, hedge fund net long positions peaked at 73,230 contracts on February 27, 2024, with cotton futures at 98.80 cents per pound. By June 18, this position shifted to a 51,442 net short, leading to a price drop to 72.76 cents. This 124,672-contract change explains 23.56 cents of the 26.04-cent decline.

Net short positions are less common than net long positions, with 156 weekly observations of net shorts compared to 370 of net longs over ten years, according to SAT. Hedge funds may be cautious about shorting during the summer growing season due to the unpredictability of crop size, which could trigger a short covering rally if acreage expectations fall, weather worsens, or production issues arise. Short covering occurs when hedge funds buy back short positions due to more bullish expectations or pre-set buy stop orders, leading to a surge in buying.

— Ag trade update: Taiwan tendered to buy 65,000 MT of corn to be sourced from the U.S., Brazil, Argentina or South Africa.

— NWS weather outlook: There is an Enhanced Risk of severe thunderstorms over parts of the Middle Mississippi Valley/Western Ohio Valley into the Great Lakes on Monday and a Slight Risk of severe thunderstorms over parts of the Eastern Ohio Valley/Lower Great Lakes/Northeast and over portions of the Central High Plains on Tuesday... ...There is a Slight Risk of excessive rainfall over parts of the Middle Mississippi Valley into the Great Lakes on Monday and the Middle Mississippi Valley to Ohio Valley on Tuesday... ...There are Excessive Heat Warnings/Watches and Heat Advisories over parts of the Mid-Atlantic to New England and over parts of Central/Southern Plains and Middle/Lower Mississippi Valley and parts of the Western Ohio Valley/Western Tennessee Valley.

(NWS)

Items in Pro Farmer’s First Thing Today include:

• Grains under pressure overnight
• Cooler week for Corn Belt
• PBOC leaves medium-term rate unchanged
• China new home prices fall at fastest pace in 9 years

— Latest developments:

• President Joe Biden called it an assassination attack and asked Americans not to draw conclusions until more is known and he said he would have an address to the nation Sunday evening. He repeated there is no place in American for this violence. The president said he spoke with the Secret Service and directed them to provide Trump with every “resource” of protection given the shooting, and to monitor security at the Republican National Convention. “I’ve directed an independent review of national security at yesterday’s rally to assess exactly what happened and we’ll share the results of that independent review with the American people as well,” Biden said, speaking at the White House. But the Secret Service said no changes were being made.
• Trump called for national unity in the face of “evil.”
• The Associated Press reported (link): “A local law enforcement officer climbed to the roof and found Crooks, who pointed the rifle at the officer. The officer then retreated down the ladder, and the gunman quickly fired toward Trump, the officials said. That’s when U.S. Secret Service gunmen shot him, the officials said.”
• Former First Lady Melania Trump strongly condemned the assassination attempt, describing it as a “heinous act” and expressed her gratitude to the Secret Service and law enforcement for their swift action in protecting her husband. She emphasized the need for a kinder and more empathetic approach to political discourse. Melania urged Americans to prioritize love, empathy, and unity over political divisions, stressing that differing opinions and policies should not overshadow our shared humanity. She reflected on the harrowing experience of witnessing the attack, noting how it threatened to change her and her son Barron’s lives forever. She highlighted Donald Trump’s personal qualities, such as his warmth, creativity, and love for music, which she felt were often overshadowed by his political persona. She extended her sympathy to the victims of the attack, including those who were injured and the individual who lost his life. Melania expressed deep concern for the bystanders affected by the violence. Her statement stressed the supremacy of love and respect over political ideologies. She called for a return to civility and empathy in national discourse, urging people to reject hatred and violence in favor of mutual respect and understanding.
• Pennsylvania Governor Josh Shapiro (D) on Saturday focused primarily on honoring the victim of the shooting, Corey Comperatore. He stated that Comperatore “died a hero” after diving on his family to protect them from gunfire. He described Comperatore as “a girl dad, a firefighter, and someone who went to church every Sunday.” The governor mentioned that he had spoken to Comperatore’s family and reached out to the families of two others who were critically injured during the shooting. While acknowledging the shocking nature of the incident, Shapiro refrained from commenting on the ongoing investigation, stating that law enforcement officials would provide additional details. The governor emphasized that any form of aggression aimed at a specific political group or figure is entirely intolerable and not welcome in Pennsylvania or the nation. He mentioned the active involvement of the Pennsylvania state police at the location, collaborating closely with regional and national law enforcement agencies.
• FBI says Crooks acted alone. The gunman who opened fire at a Pennsylvania campaign event for Donald Trump appears to have acted alone and there is no current public safety threat, FBI officials said. But others say that assessment is premature until more information is known, especially once personnel get to review messages on Crook’s cell phone.
• The Washington Post reported (link): “Secret Service spokesman Anthony Guglielmi confirmed Sunday that the agency relied on local police at the Trump rally to fill out significant parts of its typical array of specialized protective units — including its heavily-armed counter assault team that provided cover as Trump’s detail evacuated him and the counter sniper teams that ultimately spotted and killed the shooter.”
• Election impact: The attempted assassination led some sympathetic business leaders, including Elon Musk and Bill Ackman, to publicly throw their support behind Trump.

— Trump’s brush with death inspires call for unity. Former President Donald Trump recounted his survival from an assassination attempt at a Pennsylvania rally, emphasizing a newfound focus on unity. In an interview with the New York Post (link), Trump detailed how a slight head turn saved him from a fatal shot, resulting in only a minor ear injury. He praised the Secret Service for their swift response and neutralizing the shooter.

Trump acknowledged the experience as a turning point, prompting him to rewrite his convention speech to emphasize national unity instead of political attacks. Despite initial plans for a tough critique of the current administration, he now aims to unite a divided nation, though he remains skeptical about overcoming deep policy differences.

Considering the shooting, Trump expressed gratitude for President Biden’s supportive call and mentioned speculation about the Department of Justice dropping prosecutions against him. Confident in his campaign’s prospects, Trump noted improved odds and a disciplined approach, particularly on sensitive issues like abortion.

The former president plans to use his convention speech to demonstrate a commitment to a more civil and effective campaign, aiming to bridge political divides and restore national unity. The newspaper said this shift in tone could be pivotal in his quest to return to the White House and address America’s polarization.

(NY Post)

— Texas Ag Commissioner Sid Miller near Trump during rally shooting. Texas Agriculture Commissioner Sid Miller was close to former President Donald Trump when Trump was shot in the ear at a rally in Butler, Pennsylvania. Standing just 30 feet away, Miller described the scene to KHOU-11, a Houston TV station (link). Initially mistaking the gunshots for a balloon pop and then a firecracker, Miller realized the danger when Trump stopped speaking. It wasn’t until the third shot that Miller realized it was gunfire. The incident lasted about five to six seconds. Miller, who is a potential candidate for USDA Secretary if Trump wins the presidency again, shared his experience on social media, expressing shock and gratitude that Trump was not seriously injured. He also expressed sorrow for the innocent bystander who was killed and emphasized the need for unity and courage. Miller plans to campaign for Trump this summer and was heading to the Republican National Convention after the rally. His presence at the shooting has garnered significant media attention in Texas.

In the aftermath of the shooting, Miller observed that three people directly behind him were hit:

• A man who was struck in the head and died
• A woman hit in the chest, who remained in critical condition
• Congressman Ronnie Jackson’s (R-Tex.) nephew, who sustained a superficial neck wound

In response to the incident, Miller called for increased mental health support and a re-evaluation of security measures for political candidates. He also urged the Biden administration to provide security detail for Robert F. Kennedy Jr., who currently lacks such protection.

— Hamas denied it’s pulling out of cease-fire talks, a day after an Israeli air strike on Gaza aimed at killing two top Hamas officials. The target was Muhammad Deif, the Islamist group’s military commander who planned the attacks on Israel on October 7. It is unclear whether he survived, although the Israeli armed forces said they had killed Rafa Salama, a close associate of Deif.

— China’s economic growth in the second quarter of 2024 fell short of expectations, with GDP expanding by 4.7% year-over-year, down from 5.3% in the first quarter and below the forecasted 5.1%. This marks the slowest growth rate since the first quarter of 2023, indicating a continued slowdown in the world’s second-largest economy.

Several factors contributed to this weaker-than-expected performance:

• Persistent property downturn: The real estate sector, a significant driver of China’s economy, continues to face challenges.
• Weak domestic demand: Consumer spending and investment have not rebounded as strongly as anticipated.
• Falling yuan: The depreciation of China’s currency has impacted trade and investment.
• Trade frictions with the West: Ongoing tensions with Western countries have affected China’s export-oriented industries.

Despite the slowdown, the Chinese government maintains its ambitious growth target of around 5.0% for 2024. However, many analysts consider this goal challenging to achieve without additional stimulus measures.

The disappointing Q2 figures have raised concerns about China’s economic recovery post-pandemic and its potential impact on global growth. Economists and policymakers are closely monitoring the situation, as China’s economic performance has significant implications for the world economy.

To address these challenges, the Chinese government may need to implement more robust stimulus measures and structural reforms to boost domestic consumption, stabilize the property market, and enhance productivity in key sectors.

— Chinese leaders convened for the third plenary session of the Communist Party Central Committee from July 15 to 18, to discuss and set the country’s economic agenda for the coming years. This high-level meeting comes at a crucial time as China faces significant economic challenges, including soaring youth unemployment and low business confidence.

The third plenary session, chaired by President Xi Jinping, is traditionally used to announce major economic reforms and policy directions. Previous sessions have led to significant policy shifts, such as Deng Xiaoping’s announcement of China’s economic opening in 1978 and Xi Jinping’s pledge to let market forces play a decisive role in the economy in 2013.

Key issues likely to be addressed during the meeting include:

• Economic growth and recovery: China is grappling with weak consumer spending, a property market crisis, and rising unemployment, particularly among youth.
• Overcapacity concerns: The United States and European Union have accused China of flooding foreign markets with cheap goods, potentially distorting global trade.
• Consumption boost: China’s household consumption, at less than 40% of GDP, is low compared to countries with similar income levels. The government has launched initiatives to stimulate spending, but these have had limited success so far.
• Savings rate: China’s high savings rate, around 45-50% of GDP over the last 20 years, has contributed to macroeconomic imbalances.
• Technological advancement: Some analysts believe China may focus on technological breakthroughs to maintain its competitive edge in global markets rather than significantly altering its export-heavy economic model.
• Reform agenda: The meeting is expected to discuss “comprehensively deepening reform” and advancing Chinese modernization.

— China’s Q2 pork output declines. China’s pork production fell 3% from year-ago in the second quarter to 13.98 MMT, following a 0.4% decline in the first quarter. That marked the first consecutive quarterly declines on an annual basis in output since 2020. During the first half of the year, China’s pork output totaled 29.81 MMT, down 1.7% from the same period last year. China slaughtered 363.95 million hogs during the first half of this year, down 3.1% from last year.

— China asks WTO to establish expert panel on U.S. EV subsidies dispute. China submitted a request to the World Trade Organization (WTO) to set up an expert panel to consider a dispute settlement against energy vehicle (EV) subsides under the U.S. Inflation Reduction Act, China’s commerce ministry said. Beijing opened the WTO dispute in late March, but the U.S. has failed to reach a solution with China through consultations, the ministry said.

According to China’s commerce ministry, the country has been unable to reach a satisfactory solution with the U.S. through consultations that would protect the rights and interests of its EV industry. China’s main contentions regarding the IRA’s EV subsidies include:

• Exclusion of products from certain WTO members, including China

• Creation of artificial trade barriers

• Increased costs for green energy transition

— USDA proposes amendments to federal milk marketing orders after national hearing. USDA issued a recommended decision proposing amendments to the uniform pricing formulas applicable in all 11 Federal milk marketing orders (FMMOs). This decision follows a national hearing that took place from Aug. 23, 2023, to Jan. 30, 2024, in Carmel, Indiana, where USDA heard testimony and received evidence on 21 proposals from the dairy industry.

Key points of the recommended decision include:

• Updating milk composition factors to 3.3% true protein, 6.0% other solids, and 9.3% nonfat solids.
• Removing 500-pound barrel cheddar cheese prices from the survey and using only the 40-pound block cheddar cheese price for determining monthly average cheese prices.
• Updating manufacturing allowances for cheese, butter, NFDM, and dry whey, as well as the butterfat recovery factor.
• Revising the base Class I skim milk price formula and adopting a rolling monthly Class I extended shelf life (ESL) adjustment.
• Updating Class I differential values to reflect increased costs of servicing the Class I market.

The publication of this came in today’s Federal Register (link) and marks the beginning of a formal comment period that will last until Sept. 13, 2024. During this time, interested parties can submit comments on the recommended proposals. Comments can be submitted through the Federal eRulemaking portal (http://www.regulations.gov) or filed with the Hearing Clerk at USDA.

After the comment period closes, USDA will review all submitted comments before making a final decision on the proposed amendments to the Federal milk marketing orders.

— NCBA members discuss implementation of USDA’s new disease traceability rule. NCBA’s recently held its Summer Business Meeting where members discussed the implementation of USDA’s new animal disease traceability rule, which is set to take effect on Nov. 5, 2024. This new rule is a significant update to the existing traceability requirements for cattle in the United States.

Key points about the new traceability rule and its implementation include:

• Electronic ID (EID) requirement: The rule mandates the use of electronic identification tags for certain classes of cattle moving interstate, replacing the previous system that relied solely on visual tags.
• Scope of application: The rule affects approximately 11% of the U.S. cattle herd, specifically targeting sexually intact cattle 18 months of age or older, rodeo and exhibition cattle, and dairy cattle moving across state lines.
• Transition period: There will be a six-month period before the rule takes effect, allowing producers time to prepare and adapt to the new requirements.
• Funding support: NCBA has secured $15 million in funding to help offset the costs for producers implementing this change.
• Data protection: NCBA remains committed to safeguarding producers’ private data as part of the traceability system.
• Disease outbreak prevention: The primary goal of this rule is to enhance the industry’s ability to respond quickly and efficiently to potential foreign animal disease outbreaks, which could have devastating economic impacts.
• Economic implications: It is estimated that a foot-and-mouth disease outbreak in the U.S. could lead to $221 billion in economic losses, underscoring the importance of an effective traceability system.

NCBA comments. “The USDA rule moves the cattle business forward allowing more efficient and accurate means of tracing animal movement in the event of a disease outbreak,” said NCBA President Mark Eisele. “USDA has made the decision to switch from visually readable to both visually and electronically readable tags for certain classes of cattle moving interstate. NCBA has already secured funding to help defray the cost of making this change and we will continue pushing for additional funding and privacy for producer data,” he added.

— Donald Trump reached out to Nikki Haley, his former rival in the 2024 presidential race, asking her to attend the Republican National Convention (RNC) in Milwaukee, Wisconsin. This gesture, following an assassination attempt on Trump, is viewed by insiders as an effort to unify the Republican Party. Haley, who finished second to Trump in the GOP primary, is scheduled to speak at the convention on Tuesday. Last week, she released her delegates and urged them to support Trump, emphasizing the importance of party unity to prevent President Joe Biden from securing a second term. Haley described the convention as a crucial moment for Republican solidarity.

— Former President Trump revised his convention speech to emphasize unity, following an attempted assassination at a rally where journalist Salena Zito and her daughter were present. Initially planning a strong address, Trump told Zito he changed the speech to foster national unity, recognizing an opportunity to bring the country together. Trump’s team, including Susie Wiles, Chris LaCivita, Jason Miller, and pollster Tony Fabrizio, decided early Sunday to shift the convention’s focus away from the shooting and partisan blame. Trump’s team reached out to convention speakers and asked them to avoid focusing on the shooting or blaming the left for it — and instead center their attention on the fundamentals of the campaign and contrast with President Joe Biden on key issues.

— NBC corrects big mistake of their recent poll. A correction on the NBC poll posted last night around 8:46 p.m. ET, said: “Due to an error with the original polling documents, a previous version of this article misstated the vote shares and margins for the multicandidate ballot test. Former President Donald Trump leads President Joe Biden by 3 points in the six-way ballot test, not the other way around.”

— The first day of the 2024 Republican National Convention in Milwaukee is set to focus on the theme “Make America Wealthy Once Again.” This theme is designed to highlight former President Donald Trump’s economic policies and their impact on the American economy. Here are some key points about the convention’s opening day:

The convention officially opens today at the Fiserv Forum in Milwaukee, Wisconsin.

One of the most significant events of the day will be the GOP Party Platform vote. Delegates will vote to approve the official party platform, which was passed by the RNC Platform Committee in Milwaukee last week. This will be the first new official platform since 2016.

Former President Donald Trump is expected to take the stage on Monday evening, although the exact time has not been specified. His vice-presidential pick is expected today. It’s unclear whether or how recent events will impact his selection.

The “Make America Wealthy Once Again” theme is intended to showcase Trump’s “America First” economic policies, including:

• Reducing regulations
• Cutting tax rates
• Reworking trade deals to create what the party sees as a fairer playing field for American industry and workers

While a detailed speaker schedule for Monday has not been released as of July 15, the convention will feature a lineup of speakers throughout the week, including lawmakers, television personalities, and members of Trump’s family.

The convention is taking place in the aftermath of an attempted assassination of Trump on Saturday, which has led to increased security measures and heightened alertness among law enforcement officials.

Approximately 50,000 attendees, including delegates, media, law enforcement, staff, and visitors, are expected to participate in the convention and related activities in Milwaukee.

(Washington Post/The Washington Post via Getty Images)

— Rep. Bob Good has officially filed for a recount in the Republican primary for Virginia’s 5th Congressional District, following his narrow defeat to state Senator John McGuire. The recount petition was submitted in Goochland County, one of the courthouses within the expansive 5th Congressional District that Good has represented since 2021.

Key points of the recount request:

• Margin of defeat: According to state-certified results, Good trails McGuire by 374 votes out of nearly 63,000 ballots cast, a margin of 0.595%.
• Legal basis: The slim margin falls within the threshold that allows Good to request a recount under Virginia state regulations.
• Funding: Good’s campaign is responsible for covering the recount costs, with the possibility of a refund if the outcome changes in his favor.
• Timeline: A preliminary hearing is expected to be scheduled by a judge in Goochland County within the next week to establish the recount procedures.

The McGuire campaign remains confident that the recount will not alter the final result, with consultant Sean Brown stating that more voters had cast their ballots in favor of McGuire.

The winner of this Republican primary will face Democrat Gloria Witt in the November general election, with the 5th District being considered predominantly conservative.

— Cost of First-Class postage stamps rises by 5 cents, tied for highest-ever jump as the U.S. Postal Service navigates reduced volume and a projected net loss of $6.3 billion this fiscal year.

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