Your Pro Farmer newsletter (November 4, 2023) is now available

Pro Farmer newsletter
Pro Farmer newsletter
(Pro Farmer)

Corn and soybean harvest is moving toward the finish line, with the next crop estimates from USDA coming in the Nov. 9 Crop Production Report. Barring any supply-side surprises, adjustments to usage forecasts in the 2023-24 balance sheets are also likely to be minor. Given El Niño impacts, the potentially biggest changes could be to USDA’s global production forecasts, with a particular focus on South America. While conditions have improved a little, South American crop consultant Dr. Michael Cordonnier lowered his Brazilian crop estimates given erratic weather early in the growing season. In Washington, focus remains on trying to get a permanent spending measure in place for fiscal year 2024, which started on Oct. 1. With the deadline for the current stopgap measure approaching on Nov. 17, it appears another continuing resolution will be needed. It’s becoming clearer an extension of the 2018 farm bill will be needed – potentially for a full year or more. A new farm bill will likely start with 2025 crops, not 2024. We cover this and a host of other ag policy issues facing farmers in our News page 4 feature this week. On the economic front, the Fed paused for a second month in a row – and could be done with its monetary policy tightening cycle. We cover all of these items and much more in this week’s newsletter, which you can download here.

 

Latest News

H&P Report negative compared to pre-report expectations
H&P Report negative compared to pre-report expectations

Nearly every category topped the average pre-report estimates.

After the Bell | March 28, 2024
After the Bell | March 28, 2024

After the Bell | March 28, 2024

Pro Farmer's Daily Advice Monitor
Pro Farmer's Daily Advice Monitor

Pro Farmer editors provide daily updates on advice, including if now is a good time to catch up on cash sales.

PF Report Reaction: Bullish USDA data for corn
PF Report Reaction: Bullish USDA data for corn

Corn planting intentions and March 1 stocks came in lower than expected.

Report Snapshot: USDA shows lighter-than-expected corn acres and stocks
Report Snapshot: USDA shows lighter-than-expected corn acres and stocks

USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.