US/China Tensions Cool + Farm Machinery Slump

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0:00 China Assessing Talks
2:30 Hassett Comments
3:00 Soybean Stuff
4:59 Farm Machinery Slump
7:52 Drought Monitor
10:58 Export Sales
13:01 California Gas Ban?

🇺🇸🇨🇳 US–China Trade Talks? Signals from Beijing & Washington
Big moves may be brewing in global trade! China says the US wants to talk tariffs, but Beijing is calling for "sincerity." Will this lead to a breakthrough? Let’s break it all down 👇

🧨 Tariff Tensions & Trade Optimism
China's Commerce Ministry revealed the US has reached out about potential talks. Economic Council Director Kevin Hassett is hopeful, especially after China removed tariffs on some US goods like semiconductors and pharmaceuticals. 💊💻

🚜 Farm Machinery Sales Slump
Tariff uncertainty is crushing machinery demand. CNH Industrial and AGCO posted big Q1 sales drops—23% and 30%. 📉 But oddly… both stocks rallied! AGCO reaffirmed 2025 sales goals while CNH forecasted a steep decline.

🌾 Drought Conditions Improving
USDA’s latest drought data brings some relief 🌧️:
✔️ Drought in the Corn Belt down to 6%
✔️ Kansas sees the biggest improvement—drought fell from 64% to 37%!
✔️ Drought still lingers in wheat and cattle areas (Spring Wheat: 37%, Cattle: 31%)

🌽 Grain Export Sales Snapshot
📉 Corn: 1 MMT – down 12% WoW
📈 Soybeans: 428,200 MT – up 55% WoW
📉 Wheat: 72,000 MT – sharply lower
Top buyers: 🇲🇽 Mexico (corn), 🇨🇳 China (soybeans), 🇹🇭 Thailand (wheat)

🚗 California Gas Car Ban in Trouble?
The House just voted to repeal California’s EV waiver ❗ The Senate vote is next. This could derail the 2035 gas car ban and affect other states like NY and WA. California is the #2 US consumer of both gasoline and ethanol. ⛽🌽

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