Food Price Controls?! What Happened to the United States??

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Here's a quick snapshot of what's happening:

🌽 Corn Futures: After a positive turn on Monday, Dec24 corn futures are struggling to maintain momentum. With considerable bushels still unpriced by farmers, any rallies are getting capped. Check out the latest movements on this chart! 📉

🚜 John Deere's Earnings Jump: Despite layoffs and a tough year, John Deere's stock popped 4% after beating subdued Q3 expectations! They're navigating a rocky 2024 with a projected net income of $7 billion. 📊

🌱 Record Soybean Crush: NOPA's July numbers are in! With 182.9 million bushels processed, it's the highest for July ever, surpassing expectations. However, soybean oil stocks dipped to 1.5 billion pounds, hitting the lowest since last December. 📉

🌾 USDA Proposes Easing 45Z Tax Credits: Secretary Vilsack shared plans to modify the 45Z requirements, making it more practical for farmers by allowing more diverse practices and extending credits beyond just corn and soybeans. 📜

🏛️ Kamala Harris Targets Corporate Price-Gouging: Set to announce a proposal this Friday, Harris is taking aim at industry giants, especially in food and groceries, to tackle price-gouging and protect consumers. She's also eyeing cuts in drug and housing costs. 🗣️

🌍 US Corn Exports Slump: Last week's export sales were disheartening, hitting a marketing-year low with only 5 million bushels sold. 📉

🌦️ US Drought Update: The drought monitor shows slight improvements in Ohio and Kentucky, but worsening conditions in Missouri and Illinois. The majority of the Corn Belt experienced dry and cool conditions last week. 🌾