Midterm Turmoil, Ceasefire Collapse, and Soybean Export Challenges
Macro Topics · 2 November 2026

Midterm Turmoil, Ceasefire Collapse, and Soybean Export Challenges

This edition covers the US midterm elections' high stakes, the swift failure of a Russo-Ukrainian ceasefire, and the uphill battle facing US soybean exports amid Chinese uncertainty and Brazilian competition.

Midterm Turmoil, Ceasefire Collapse, and Soybean Export Challenges
01 Policy

A House Divided

Republicans brace for heavy midterm losses, while the White House questions electoral integrity.

US President Donald Trump has done a good job of putting himself at the centre of attention. Barely a day has passed in the last decade in which he has been absent from the world’s papers, even if in an off-stage role during the Biden presidency. Since his return to the White House in 2025, saying that Trump has remade the global order would be an understatement. It might normally be odd that there be so much international interest in the midterms, but these are hardly normal times. With what should be the final time, Trump is (effectively) on the ballot, voters’ adjudication on the president’s performance should make these midterms the most consequential in years.

Republican Vulnerability

Ahead of the vote, the GOP holds a 53-47 Senate majority and a slim lead in the House of Representatives. 35 Senate seats and all the House are up for grabs and,…

Verify to keep reading

This is a preview of this week’s edition — 5 stories in full. Sign in with a verified Affinity Research account to read the rest, plus every research report.

Don’t have access yet? Request it at support@affinityship.com.