Pro Farmer Analysis
A recap of the week’s price action and outlook segmented into the next 5, 30 and 90 days.
Canadian Ag Minister MacAulay had discussions with USDA Secretary Vilsack regarding proposed changes in voluntary “Product of USA” labeling regulations for meat and livestock, as well as California’s Proposition 12.
Vilsack’s interpretation of 2018 Farm Bill language on this topic allowed him to raise SNAP spending by a quarter trillion dollars.
LanzaJet inaugurated the world’s first ethanol-to-sustainable aviation fuel (SAF) production facility, Freedom Pines Fuels, in Soperton, Georgia.
China has sought to increase output of oilseeds such as soybeans and rapeseed and cut the ratio of meal used in animal feed, as food security becomes an increasingly important priority.
Vilsack stressed the importance of finding alternative ways to boost income, especially for small and medium-sized operations.
The upcoming FOMC meeting Jan. 30-31 faces the challenge of bridging the significant gap between market expectations for interest-rate cuts and the committee’s own projections for policy in 2024.
GAO called for USDA to enhance its procedures, including providing data to the Committee on Foreign Investment in the U.S.
Cotton surged to a two-and-a-half-month high in early trade and notched gains for the fourth straight session amid U.S. dollar weakness, a rally in equities and robust export demand.
The International Energy Agency (IEA) further raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC’s expectations.
New non-real estate farm lending activity at commercial banks continued to decline in the fourth quarter, according to the Federal Reserve Bank of Kansas City.
Central bankers need to watch their step when it comes time to consider lowering rates, Federal Reserve Governor Christopher Waller said.
Drought effects on Brazil’s soybean crop size are well documented. What hasn’t gotten much attention are impacts adverse weather has had on soybean quality.
In recent months, USDA Secretary Tom Vilsack has suggested Congress should use the Commodity Credit Corp. (CCC), Charter Act to find a “creative way” to raise reference prices in the next farm bill.
Besides the hot and dry conditions that damaged Brazil’s soybean crop through December, excess rainfall in certain areas of these same states is disrupting harvesting.
Industry groups like the American Farm Bureau Federation are urging House and Senate Ag panels to focus on the farm bill once government-wide spending disputes are hopefully resolved.
Price action along with market outlook broken down into 5, 30 and 90 day segments.
The International Grains Council (IGC) raised its 2023-24 global corn production forecast 7 MMT to 1.230 billion MT.
China, the top exporter to the U.S. since 2006, likely lost its position to Mexico in the past year.
Ethanol production averaged 1.062 million barrels per day (bpd) during the week ended Jan. 5, up 13,000 bpd from the previous week.
The U.S. exported 607.5 million lbs. of pork during November, up 35.3 million lbs. (6.2%) from October and 30.0 million lbs. (5.2%) more than last year.
The U.S. exported $16.09 billion of agricultural goods in November against imports of $15.99 billion, resulting in a surplus of $98.97 million.
U.S. consumers’ outlook for inflation over the short run fell to the lowest level in nearly three years in December, the New York Federal Reserve said.
The annual American Economic Association gathering of the nation’s top economists brought mixed sentiments.
A recap of this week’s price action and outlook broken down into the next 5, 30 and 90 day segments.
Brazil exported 3.829 MMT of soybeans during December, according to official government data.
The White House expressed concern over the potential impact of higher shipping costs on the U.S. economy due to the diversion of ships from the Red Sea.
Missouri Gov. Mike Parson (R) issued an executive order banning businesses or individuals from nations designated as adversaries from purchasing farmland near military installations.
Denmark’s Maersk and German rival Hapag-Lloyd said on Tuesday their container ships would continue to avoid the Red Sea route that gives access to the Suez Canal following a weekend attack on one of Maersk’s vessels.
Corn-for-ethanol use totaled 455 million bu. during November, according to USDA, topping expectations of 451 million bushels.