Agriculture News
Both Scott and Thompson criticized the idea of excluding larger farms from farm bill programs, pointing out that these farms account for nearly 90% of U.S. ag production.
10-state snapshot of rural economies finds steady improvement but growing concerns.
Above-normal precip is expected over the eastern two-thirds of the Corn Belt during the June through August period. There are ‘equal chances’ for temps over the Corn Belt during the period.
Grain and soy markets are expected to open sharply lower amid followthrough selling.
In week ended May 11 corn and wheat marked new marketing year lows with net reductions of 339,000 MT and 42,100 MT, respectively. Weekly soybean sales were down 73% from the week prior and 89% from the four-week average.
Wheat futures posted sharp losses overnight amid followthrough selling, while corn and soybeans faced lesser selling pressure.
Cash prices for corn and soybeans dropped sharply over the past week.
The new pricing system scraps a so-called fuel import parity policy that more closely aligned prices at the pump with the oil market and exchange rates.
Corn, soybeans and SRW wheat will face followthrough selling, while HRW and spring wheat may be mildly supported by crop concerns.
Corn, soybeans and SRW wheat faced followthrough selling overnight, while HRW and spring wheat firmed.
New University of Colorado Boulder research shows the number of farms globally will shrink in half as the size of the average existing farms doubles by the end of the 21st century.
Corn, soybeans and winter wheat are expected to trade lower early this morning after losses overnight.
Corn, soybean and winter wheat futures pulled back from Monday’s gains during overnight trade.
Despite the modest uptick over the past week, the HRW CCI rating remains historically low.
Weekly corn inspections in week ended May 11, rose nearly 200,000 MT on the week, while wheat inspections increased 27,731 MT. Soybeans missed pre-report estimates and were down 250,000 MT from the previous week.
Wheat futures will lead price gains in the grain and soy markets amid concerns with the HRW crop and Black Sea grain deal.
Wheat futures posted strong gains overnight, while soybeans traded solidly higher and corn was mixed amid bull spreading.
USDA raised its 2023 beef production forecast based on “recent slaughter data and larger-than-previously forecast first-half placements.”