Your Pro Farmer newsletter (July 1, 2023) is now available
USDA’s June Acreage and Grain Stocks Reports have a history of surprises and major market moves – and this year was no different. We have a breakdown of planted acreage on News page 4 and June 1 grain stocks on News page 1. The best rains of the growing season fell across the Corn Belt over the past week but not all areas received needed precip and the drought footprint continued to spread and intensify. As of June 27, USDA estimated drought covered 70% of corn areas and 63% of soybean acres. The expanding drought is raising concerns about some irreparable damage to crops, prompting some to cut their yield forecasts. With the calendar flipping to July, weather will be even more critical for crop development, especially for corn. USDA’s Cattle on Feed Report showed the feedlot supply contracted versus year-ago levels for a 10th straight month. The Hogs & Pigs Report signaled producers aren’t ready to start expanding the hog herd just yet. We cover all of these items and much more in this week’s newsletter, which you can download here.
