PRO FARMER
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.