Latest News From Pro Farmer Analysis

Emerging Economies Pursue Non-Dollar Commodity Trade Amid U.S. Sanctions
Emerging Economies Pursue Non-Dollar Commodity Trade Amid U.S. Sanctions

Several major emerging economies are increasingly trading commodities without using the U.S. dollar, aiming to reduce their reliance on the American currency, the Wall Street Journal reports.

Thursday's Wheat Market Analysis (12/28/23)
Thursday's Wheat Market Analysis (12/28/23)

March SRW futures rallied 8 1/2 cents to $6.31 1/2 but closed off session highs. March HRW futures rallied 8 3/4 cents to $6.43 3/4.

U.S. Natural Gas Futures Experienced a Significant Surge
U.S. Natural Gas Futures Experienced a Significant Surge

U.S. natural gas futures experienced a significant surge of over 4%...reaching above $2.5/MMBtu, driven by seasonal demand and increased exports.

Soybean Futures Showed Relative Strength
Soybean Futures Showed Relative Strength

Wednesday's soybean market analysis: Soybean futures showed relative strength to the flailing wheat and corn markets, following through on Tuesday’s gains.

EPA to Allow Chlorpyrifos Use for Crops
EPA to Allow Chlorpyrifos Use for Crops

EPA announced its decision to allow the use of the pesticide chlorpyrifos on crops, including soybeans, following a ruling by the U.S. Court of Appeals for the Eighth Circuit last month.

Farmer Group: Mato Grosso Soybean Production to Fall 20%
Farmer Group: Mato Grosso Soybean Production to Fall 20%

Hot, dry weather in Mato Grosso, Brazil’s top soybean producing state, is expected to reduce soybean production by around 20% in 2023-24, according to farmer group Aprosoja.

8 ways to maximize the potential of your management zones
El Niño Has Peaked; Steady Decline in Early 2024

The latest computer forecast models for ENSO events suggest El Niño peaked a few weeks ago and will begin a steady decline in January.

Brazil Soybean Exports Top 100 MMT for First Time
Brazil Soybean Exports Top 100 MMT for First Time

Brazil shipped 2 MMT of soybeans during the first half of December...

Key SAF Announcement Details
Key SAF Announcement Details

Corn-based ethanol and other renewable fuels likely will qualify for the SAF credit in relation to SAF produced and used in calendar years 2023 and 2024.

Study: Grass-Fed Beef Isn’t More Climate-Friendly Than Traditional Grain-Fed Meat
Study: Grass-Fed Beef Isn’t More Climate-Friendly Than Traditional Grain-Fed Meat

The study highlights that to accurately assess the carbon footprint of beef production, land use impacts must be considered.

Brazil Farmers Face Desired Soy Seed Shortage Amid Replanting Needs
Brazil Farmers Face Desired Soy Seed Shortage Amid Replanting Needs

Brazilian soybean farmers are facing a dearth of seeds for their replanting efforts as suppliers have run out of the main varieties, Marino Colpo, chief executive of seed company Boa Safra Sementes, told Reuters.

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Argentina Plans to Raise Grain Export Taxes, Soy Tariffs Likely Unchanged

Argentina’s new government of libertarian President Javier Milei will seek to raise export taxes to 15% on corn and wheat.

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Bipartisan Bill Seeks USDA Investigation of Fertilizer Industry

This bill calls for USDA to investigate concentration within the fertilizer industry and assess any potential "anticompetitive impacts."

NY Fed: Near-Term Expected U.S. Inflation at More Than 2-Year Low
NY Fed: Near-Term Expected U.S. Inflation at More Than 2-Year Low

The path U.S. consumers expect inflation to take over the next year softened in November to the lowest level in more than two years.

Soy Complex Futures Post Strong Gains to Start Week
Soy Complex Futures Post Strong Gains to Start Week

Soy complex futures posted strong gains to start the week, with January soybeans up 32 cents to $13.36, January meal futures $8.50 higher to $413.20 and January soyoil up 91 points to 51.11 cents.

SovEcon Raises Ukraine’s Production, Export Forecasts
SovEcon Raises Ukraine’s Production, Export Forecasts

Black Sea consulting firm SovEcon raised its 2023 Ukrainian corn crop estimate by 900,000 MT.

U.S. Ag Groups Urge Lower Duties on Moroccan Fertilizer Imports
U.S. Ag Groups Urge Lower Duties on Moroccan Fertilizer Imports

Almost 60 U.S. agricultural and commodity groups are urging the U.S. Department of Commerce (DOC) to either eliminate or further reduce import duties on phosphate fertilizer imports from Morocco.

Pork Exports Jump, Beef Shipments Slump
Pork Exports Jump, Beef Shipments Slump

The U.S. exported 572.2 million lbs. of pork in October, up 11.0% from September and 5.7% more than last year.

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India Plans to Discourage Ethanol Production to Prioritize Sugar

India is planning to discourage the diversion of sugar for ethanol production as part of efforts to ensure sufficient supplies of the sweetener in the local market, government and trade sources said.

Ag Trade Starts FY 2024 in the Red
Ag Trade Starts FY 2024 in the Red

The U.S. exported $16.64 billion of ag goods in October against imports of $16.90 billion for a trade deficit of $262 million.

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China’s Hidden Debt Problem Coming to a Head

China is currently facing a significant and potentially dangerous issue related to its hidden debt problem, the Wall Street Journal reports.

Canadian Wheat Production Bigger Than Expected
Canadian Wheat Production Bigger Than Expected

Canada’s wheat crop is estimated at 32.0 MMT by Statistics Canada, up from the 29.8 MMT forecast in September.

Politico: GAO Recommends Crop Insurance Subsidy Reforms for Cost Savings
Politico: GAO Recommends Crop Insurance Subsidy Reforms for Cost Savings

This recommendation comes amid a long-standing policy debate that is expected to become a contentious issue during the next farm bill discussions.

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Airlines Race Toward Powering Jets With Ethanol

Airlines want to replace jet fuel with ethanol to fight global warming, and that would require hefty amounts of corn and water.

Soybean 5-30-90 Day Outlooks (Dec. 1)
Soybean 5-30-90 Day Outlooks (Dec. 1)

Keys driving the soybean market broken down into the next 5, 30 and 90 day segments.

Thompson Aims to Lower Crop Insurance Costs in Upcoming Farm Bill
Thompson Aims to Lower Crop Insurance Costs in Upcoming Farm Bill

In preparation for the upcoming farm bill, House Ag Chairman Glenn “GT” Thompson (R-Pa.) told Politico his intent to make crop insurance more affordable.

USDA Cuts Farm Income Forecast
USDA Cuts Farm Income Forecast

USDA projects a decrease in U.S. farm sector profits in 2023 compared to the record-high levels of 2022. Inflation-adjusted net cash farm income is forecast to decline by $49.2 billion (23.8%) to $157.9 billion in 2023.

JPMorgan: 2024 Election to Boost Dollar on Trade-War Tension
JPMorgan: 2024 Election to Boost Dollar on Trade-War Tension

JPMorgan predicts the U.S. dollar is likely to strengthen due to the potential for a divisive U.S. election contest between President Joe Biden and former President Donald Trump.

USDA Invests $196 Million to Strengthen Food Supply Chains
USDA Invests $196 Million to Strengthen Food Supply Chains

These investments aim to strengthen American food and agriculture supply chains, expand markets for agricultural producers, and reduce food costs.

MB Agro: Brazil Lost 10 MMT of Soybean Production Potential
MB Agro: Brazil Lost 10 MMT of Soybean Production Potential

Brazilian soybean production forecasts are extremely wide given the erratic first two-plus months of the growing season.

China’s ASF Epidemic Leaves Lasting Global Pork Market Impact
China’s ASF Epidemic Leaves Lasting Global Pork Market Impact

Despite its recovery, the domestic pork market in China remains volatile, posing potential uncertainties for pork exporters worldwide.

PARP and Tax Deadline
PARP and Tax Deadline

We are getting questions from farmers and accountants wondering if Pandemic Assistance Revenue Program (PARP) payments are still going to be made in 2023.

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China Plans to Boost Biodiesel Production

China's National Energy Administration (NEA) has outlined plans for a series of demonstration or pilot projects aimed at boosting domestic biodiesel production.

China's Sow Herd Declines for Tenth Consecutive Month
China's Sow Herd Declines for Tenth Consecutive Month

Data from the Chinese Ministry of Agriculture and Rural Affairs revealed that China's sow herd has decreased to 42.1 million.

POET Concerned Biden's Tax Credit Decision May Force Exit From SAF Market
POET Concerned Biden's Tax Credit Decision May Force Exit From SAF Market

POET, a biofuel maker, expressed concerns that the Biden administration's decision on tax credits for sustainable aviation fuel (SAF) could lead them to withdraw from the SAF market.

WOTUS Update
WOTUS Update

Legal challenges and disputes continue related to EPA and Army Corps of Engineers’ regulation of wetlands and waters in the United States.

Corn Outlook for the Next 5, 30 and 90 Days (11/17)
Corn Outlook for the Next 5, 30 and 90 Days (11/17)

On the positive side for corn, the U.S. corn harvest is winding down rapidly, which means farmer selling at the local elevators and commercial hedge pressure will subside.

IGC Raises Global Corn, Wheat and Soybean Production Forecasts
IGC Raises Global Corn, Wheat and Soybean Production Forecasts

The International Grains Council (IGC) raised its forecast for 2023-24 global grain production by 3 MMT to 2.295 billion MT.

NOPA Crush Sets All-Time Record in October
NOPA Crush Sets All-Time Record in October

Members of the National Oilseed Processors Association (NOPA) crush 189.8 million bu. of soybeans in October.

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Biodiesel Production Robust Despite Challenge

The boom in renewable diesel was expected to wipe out biodiesel producers, but they were more profitable than thought and biodiesel production has remained robust.

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Panama Canal Facing Significant Challenge Due to a Lack of Rainfall

October marked the driest month in Panama since record-keeping began in 1950. This water shortage is leading to reduced traffic through the Panama canal.

Stabenow Urges Tangible Benefits From AI in Agriculture
Stabenow Urges Tangible Benefits From AI in Agriculture

Witnesses at the hearing acknowledged the benefits of new technologies, including increased crop yields and reduced waste, but stressed the importance of providing clear benefits to growers.

Mosaic Predicts Fertilizer Stockpiles Will Need to be Replenished Next Year
Mosaic Predicts Fertilizer Stockpiles Will Need to be Replenished Next Year

Fertilizer supplier Mosaic Co. anticipates a significant increase in global shipments of potash.

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China is Making Too Much Stuff — And Other Countries Are Worried

Chinese factories facing overcapacity in a challenging economic environment are attempting to address their problems by increasing exports.

Soybean Analysis - 5-30-90 Day Outlooks (11/10/23)
Soybean Analysis - 5-30-90 Day Outlooks (11/10/23)

As South America’s growing season progresses market participants will closely watch for potential changes in Brazil and Argentine production estimates.

Thursday's Wheat Market Analysis (11/9)
Thursday's Wheat Market Analysis (11/9)

Pro Farmer recaps today's price action with fundamental and technical analysis.

Beef Exports Slump to More Than Three-Year Low in September
Beef Exports Slump to More Than Three-Year Low in September

The U.S. exported 231.5 million lbs. of beef during September, the lowest monthly total since June 2020.

Brazil’s Petrobras Tests Use of Soyoil as Feedstock in Refinery
Brazil’s Petrobras Tests Use of Soyoil as Feedstock in Refinery

Brazil’s Petrobras has for the first time processed 100% soybean oil in an industrial refining unit, the state-run oil company said.

Airplane
Bipartisan Bill Aims to Clarify Standards for SAF Made With Agricultural Commodities

SAF presents a promising biofuel opportunity for farmers and enjoys support from agricultural commodity groups, the Fuels America coalition, major airlines and USDA Secretary Tom Vilsack.

China Pledges to Expand Market Access, Boost Imports
China Pledges to Expand Market Access, Boost Imports

Chinese Premier Li Qiang pledged to expand market access and boost imports as part of efforts to stimulate economic growth and maintain openness in China. Key points from his speech and related developments include: