Your Pro Farmer newsletter (November 11, 2023) is now available

USDA raised its corn crop estimate more than anticipated to a record 15.234 billion bushels. Its bigger soybean and cotton production forecasts were counter to market expectations. The bigger crop forecasts pushed projected 2023-24 ending stocks higher for all three commodities. Wheat ending stocks also increased as USDA cut use. Despite an erratic start to the growing season weatherwise, Brazil raised its soybean crop estimate, as planted area is expected to be higher than previously thought. A flurry of daily soybean sales to China and “unknown destinations” signals some global end-users are more concerned than the Brazilian government with the country’s crop potential. While it’s early and Brazil could still produce a record soybean crop, it’s likely supplies won’t be as big as thought when the planting season started. In Argentina, recent rains came too late for the wheat crop, with production forecasts being cut. But the rains will help the soybean and corn crops. On the economic front, a bevy of data sparked more concerns with China’s economy. In Washington, the clock is ticking on getting another continuing resolution in place to keep the government funded beyond Nov. 17. Meanwhile, even those that had said a new farm bill was possible yet this year have now conceded an extension will be needed, though there is disagreement over what language should be in a likely one-year extension of the 2018 Farm Bill. We cover all those topics and much more in this week’s newsletter, which you can download here.