Today’s quick hits, November 8, 2024

Slotkin wins Senate seat: Rep. Elissa Slotkin, a Democratic member of the House Agriculture Committee, narrowly defeated Republican Mike Rogers in the Senate race in Michigan and will succeed retiring Sen. Debbie Stabenow. (NBC News)

Record ag trade deficit: Census Bureau data show a U.S. agricultural trade deficit of $31.8 billion in fiscal 2024, the largest ever. Although food and ag exports were the third highest on record, imports were nearly $11 billion larger than in 2023. (USDA)

Fed lowers interest rates: After a two-day meeting of its open market committee, the Federal Reserve lowered interest rates by one-quarter of a percentage point, noting that the inflation rate has slowed but the unemployment rate is up. (Federal Reserve)

Winter wheat improves: Significant rainfall eased drought conditions in Kansas, the No. 1 winter wheat state, and the portion of winter wheat territory in drought nationwide declined from 62 percent a week ago to 57 percent this week. (USDA)