Pro Farmer Analysis
Market outlook and key price drivers over the next 5, 30 and 90 day segments.
SovEcon increased its Ukraine grain production forecasts for corn, wheat and barley.
Brazilian crop estimating agency Conab raised its official corn and soybean crop estimates.
The U.S. exported 583.9 million lbs. of pork in June. While that was down 34.2 million lbs. (5.5%) from May, it was up 50.7 million lbs. (9.5%) from last year and a record for June.
Since 2000 the USDA U.S. soybean production forecast has been above the trade average estimate eight times and below 15 times.
UAC said, “The key problem with the new harvest was its poor quality...
SovEcon says reduced competition from Ukraine and increased demand from northern African countries will aid Russian wheat exports.
Iowa Attorney General Brenna Bird and Nebraska Attorney General Mike Hilgers filed suit in federal court against EPA to protect the rights of their governors under the federal Clean Air Act.
The U.S. rejected Mexico’s proposal to jointly research the health effects of genetically modified (GM) corn, according to Reuters and Mexico media.
Soybeans were able to secure follow-through gains to end the week, along with an advanced technical posture, with a close held above the 40- and 200-day moving averages.
In a move to combat the use of food as a weapon, the U.S. is stepping forward to lead an international initiative supported by over 75 countries.
The observed increase in Payment Yields during the timeframe appears quite significant for specific crops.
There’s an ongoing debate within the Biden administration about the role of ethanol in qualifying for sustainable aviation fuel (SAF) tax credits.
Corn-for-ethanol use totaled 441.5 million bu. in June, according to USDA, 2.7 million bu. less than expected.
Cattle futures surged today, reversing the recent consolidation trend as prices traded at the highest level since July 24.
December SRW wheat dropped 36 1/4 cents to $6.91 3/4 and nearer the session low. December HRW wheat closed down 39 3/4 cents at $8.29 1/2. Prices closed nearer their session lows and hit two-week lows today.
China has maintained its position as the world’s largest meat importer since 2019, despite a recent decrease in imported meat volumes, according to a USDA Economic Research Service report.
December corn futures fell 12 1/4 cents, before settling at $5.21, ultimately falling 15 1/4 cents on the week.
Peter Zeihan, an American author on geopolitics, writes Ukrainian agriculture is facing a severe threat after Russia exited the Black Sea grain deal and has attacked Ukrainian grain infrastructure.
November soybeans fell 22 cents to $13.98, ending the session below the 10-day moving average and near the session low.
Politico reports that House Ag Committee member Greg Casar is introducing two new bills, targeting large agricultural corporations that have significant influence on the farm bill reauthorization.
The Panama Canal Authority announced a reduction in the average daily number of ships allowed to navigate the canal, lowering the figure from 35-36 to 32 starting July 30.
The Senate on Tuesday easily cleared an amendment to the National Defense Authorization Act barring investors from China, Russia, Iran, and North Korea from purchasing U.S. farmland.
Officials at the publicly owned port cited a significant increase in grain shipments across the board, but highlighted soybeans.
The hog and pork complex is sustaining its summer rally, with nearby August futures adding another $1.55 to $101.65 Tuesday.
December SRW wheat surged 59 3/4 to $7.77 1/2 and closed at a five-month high close. December HRW wheat gained 58 1/2 cents to $9.25 1/4 and hit an eight-month high.
Sens. Chuck Grassley (R-Iowa) and Tammy Baldwin (D-Wis.) introduced a new bipartisan bill, the Farmland Security Act of 2023, seeking to further boost transparency in foreign ownership of U.S. farmland.
Corn outlook and market keys for the next 5, 30 and 90 day segments.
The International Grains Council (IGC) raised its forecast for 2023-24 global corn production to 1.22 billion metric tons, reflecting an improved outlook for the United States.
To encourage fair treatment of specialty crop and small farmers, Sen. Cory Booker (D-N.J.) and Rep. Andrea Salinas (D-Ore.) are proposing a new bill: the Insuring Fairness for Family Farmers Act (IFFFA).