Your Pro Farmer newsletter (October 15, 2022) is now available

USDA’s October crop reports featured some surprises, as the soybean crop was unexpectedly cut, which kept 2022-23 ending stocks unchanged. Wheat ending stocks were reduced, but not as much as traders anticipated. The report data was mildly negative for corn compared to pre-report expectations as neither the crop estimate nor carryover were lowered as much as expected. With USDA zeroing in on corn and soybean crop size, some of the focus will turn to demand, which remains a concern given transportation issues amid low water levels on the Mississippi River and the strong U.S. dollar. USDA cut U.S. 2022-23 exports by 125 million bu. for corn, 40 million bu. for soybeans and 50 million bu. for wheat. China is reportedly looking to import Brazilian corn as soon as December amid U.S. supply uncertainty and as it diversifies its suppliers. On the economic front, U.S. inflation continues to run strong, as it does around the world. Amid pressures from surging inflation, the war in Ukraine and China’s ongoing struggles with Covid, the International Monetary Fund cut its global growth forecasts for next year. The U.S. Supreme Court heard opening arguments in the ag industry’s case against California’s Proposition 12 law on animal housing. We cover all these items and much more in this week’s newsletter, which you can download here.