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By JOSH FUNK, AP Business Writer

OMAHA, Neb. (AP) — American farmers welcomed China’s promise to buy some of their soybeans, but they cautioned this won’t solve all their problems as they continue to deal with soaring prices for fertilizer, tractors, repair parts and seeds.

The Chinese promise to buy at least 25 million metric tons of soybeans annually for next three years will bring their purchases back in line with where they were at before President Donald Trump launched his trade war with China in the spring. But the 12 million metric tons that China plans to buy between now and January is only about half the typical annual volume.

“This is a very good thing. I’m very grateful,” said Iowa farmer Robb Ewoldt, who is a director with the United Soybean Board. “I don’t want to sound like a ungrateful farmer, but it doesn’t cure everything in the short term.”

Agriculture Secretary Brooke Rollins said China also agreed to remove all its retaliatory tariffs on American ag products, which should open the door for sales of other crops and beef. Plus, China promised to resume buying U.S. sorghum, which is another crop largely used for animal feed that depends on that market. More than half the sorghum and soybean crops are exported every year with much of that going to China. read more

By ALEX VEIGA, AP Business Writer

The average rate on a 30-year U.S. mortgage fell for the fourth week in a row to its lowest level in more than a year.

Lower mortgage rates boost homebuyers’ purchasing power. They also benefit homeowners eager to refinance their current home loan to a more attractive rate.

The average long-term mortgage rate dropped to 6.17% from 6.19% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.72%.

The last time the average rate was lower was on Oct. 3, 2024, when it was 6.12%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week. The average rate dropped to 5.41% from 5.44% last week. A year ago, it was 5.99%, Freddie Mac said.

Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. read more

By KEN SWEET, AP Business Writer

NEW YORK (AP) — The United States is running out of pennies.

President Donald Trump’s decision to stop producing the penny earlier this year is starting to have real implications for the nation’s commerce. Merchants in multiple regions of the country have run out of pennies and are unable to produce exact change. Meanwhile, banks are unable to order fresh pennies and are rationing pennies for their customers.

One convenience store chain, Sheetz, got so desperate for pennies that it briefly ran a promotion offering a free soda to customers who bring in 100 pennies. Another retailer says the lack of pennies will end up costing it millions this year, because of the need to round down to avoid lawsuits.

“It’s a chunk of change,” said Dylan Jeon, senior director of government relations with the National Retail Federation.

FILE – A lone penny is illuminated in a bin of completed pennies at the U.S. Mint in Denver on Aug. 15, 2007. (AP Photo/David Zalubowski, File) A sign in a Kwik Trip store shows the store will no longer be using pennies to give change, on Oct. 23, 2025, in Yorkville, Wis. (AP Photo/Morry Gash) A sign in a Kwik Trip store shows the store will no longer be using pennies to give change, on Oct. 23, 2025, in Yorkville, Wis. (AP Photo/Morry Gash)