Your Pro Farmer newsletter (May 20, 2023) is now available
Grain and soy markets faced heavy fund-led selling pressure as the Black Sea grain deal was extended, export demand remained poor and the daily price charts turned even more bearish. With corn and soybean planting remaining ahead of average and a generally favorable extended weather forecast, the price slide could continue without a bullish catalyst to excite traders. In Washington, much of the focus remains on the debt limit. That needs to be cleared up before the congressional Ag panels can start work on a new farm bill. On the policy front, EPA sent its final RFS proposals to the Office of Management and Budget, with a June 14 deadline for finalizing those figures. One the keys will be whether EPA adjusted upward the levels for biodiesel and renewable diesel from its proposed levels, which were lower than expected in the original proposal. Our page 4 feature this week is a look at what might lie ahead for the U.S. pork industry and agriculture in general in the aftermath of the Supreme Court upholding California’s Proposition 12 rule. We cover all of these items and much more in this week’s newsletter, which you can download here.
