Your Pro Farmer newsletter (June 10, 2023) is now available

Pro Farmer newsletter
Pro Farmer newsletter
(Pro Farmer)

USDA updated its corn and soybean balance sheets to reflect old-crop usage trends. But as expected, there were no changes to the yield projections despite drought continuing to expand. Dryness/drought now covers much of the Corn Belt, with USDA estimating 45% of corn production areas and 39% of soybeans now face drought stress. While El Niño is established and expected to strengthen, that doesn’t mean weather will improve. Given declining soil moisture and below-average corn and soybean conditions, timely rains will be needed the remainder of the growing season. There were a couple new twists in the war between Ukraine and Russia. A dam in southern Ukraine was destroyed, which could result in additional Ukrainian crop losses. And an explosion on a pipeline that used to transport ammonia from Russia via Ukraine was damaged, potentially putting the Black Sea grain deal in jeopardy. With the debt limit issue resolved, attention in Washington will turn to the new farm bill. Crop insurance and the commodity title, along with SNAP (formerly food stamps) will be key battle grounds during the farm bill debates. We cover all of these items and much more in this week’s newsletter, which you can download here.

 

Latest News

Report Snapshot: USDA shows lighter-than-expected corn acres and stocks
Report Snapshot: USDA shows lighter-than-expected corn acres and stocks

USDA reported corn acres of 90.036 million acres for 2024 and March 1 stocks of 8.347 billion bu., both well below trade estimates. Soybean acres were slightly lower than expectations, while stocks were higher.

Timeline and Issues in Getting Baltimore Port Channel Reopened
Timeline and Issues in Getting Baltimore Port Channel Reopened

Exxon Mobil and SAF | Fed governor says ‘no rush’ to lower rates | Russia aids Cuba | Key USDA reports today

Cattle Strength Wanes | March 28, 2024
Cattle Strength Wanes | March 28, 2024

Japan works to support Yen, Eurozone cuts production forecast and the Biden Administration will repair Baltimore Bridge...

Ahead of the Open | March 28, 2024
Ahead of the Open | March 28, 2024

Corn, soybeans and wheat traded in tight ranges overnight, with grains showing relative strength into the break.

Weekly wheat sales exceed expectations, while soybeans miss
Weekly wheat sales exceed expectations, while soybeans miss

Weekly wheat sales were just above the pre-report range for the week ended March 21, while soybean sales missed the expected range by 36,000 MT. Corn sales held steady at 1.21 MMT.

First Thing Today | March 28, 2024
First Thing Today | March 28, 2024

Corn, soybeans and wheat traded in narrow ranges during the overnight session ahead of USDA’s reports later this morning.