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🌧️ Heavy rain is soaking the Corn Belt again, with parts of Minnesota and Wisconsin bracing for up to 10 inches through the weekend. Harvest delays and flooding are expected as fieldwork stalls across Iowa, Nebraska, South Dakota, Minnesota, and Wisconsin.
💰 The Fed hiked interest rates a quarter point to 3.75%-4.00%, its first increase in over three years. Energy prices from the US-Iran war and inflation at 3.4% are keeping pressure on for possibly another hike this year.
🌱 Soybeans ticked up ahead of US-China trade talks, with the Nov26 contract near $13.21 as traders eye stronger Chinese purchases. Corn slipped slightly to $5.34 on the Dec26 contract, while wheat finished modestly higher.
⛽ Russia looks set to extend its diesel export ban through October as Ukrainian drone strikes keep hammering refining capacity. US diesel prices hit a record $6.31/gallon as the global market feels the squeeze.
🌾 Black Sea attacks are forcing Russia to reroute wheat exports through pricier, less efficient Baltic and Far East channels. Despite the disruption, USDA still expects Russia to remain the world's top wheat exporter this year.
🏭 US ethanol production held steady at 1.099 million barrels per day, up 4.2% year-over-year. Stocks climbed to a 19-week high while margins across the Corn Belt stayed mostly positive.