Your Pro Farmer newsletter (December 16, 2023) is now available
Extreme temps are forecast across much of Brazil into early this week before some relief is expected, though forecast rainfall events have continually proven disappointing. Farmers are still trying to finish planting and replanting of this year’s soybean crop. The soybean delays will cause later plantings of safrinha corn – and will likely reduce second crop corn acreage more than previously expected. In Argentina, the new president unveiled his “shock” plan for the economy, which includes plans to raise grain export taxes, though that would take action by the country’s congress. Ethanol scored a potential big victory on Friday as the Biden administration announced it would use an updated version of the GREET model to determine credits for sustainable aviation fuel. On the economic front, the Fed pivoted to a dovish stance, which enticed major market moves, including a sharp drop in the U.S. dollar index, as traders now anticipate a series of interest rate cuts in 2024. In a recent report, the House Select Committee on the Chinese Communist Party suggested taking steps to crack down on Beijing. That could have major negative implications for U.S. exports to China, including agricultural goods. We cover all of these items and much more in this week’s newsletter, which you can download here.
