Your Pro Farmer newsletter (April 6, 2024) is now available
USDA is down to fine tuning usage forecasts for the 2023-24 marketing year, putting a focus on exports and domestic use. March planting intentions give us a starting point on outlooks for the upcoming marketing year. We have a breakdown of our old- and new-crop balance sheets in our News page 4 feature. USDA’s first winter wheat crop condition ratings of the spring were the highest in five years. That suggests the winter wheat yield won’t fall far below trendline barring a significant spring weather scare. Even with fewer wheat acres this year, production will likely increase significantly. There was a lot of news regarding the outbreak of highly pathogenic avian influenza in the U.S. dairy herd, including the first human case tied to the situation. While there have been no detections in the U.S. beef cattle herd, the news spooked traders, triggering long liquidation in cattle futures. Meanwhile, the U.S. hog herd expanded modestly as of March 1. We cover all of these items and much more in this week’s newsletter, which you can download here.
