U.S. Department of Agriculture
The corn and wheat markets saw a weaker trade for the week as May corn closed nearly $.30 lower, while the wheat market slipped $.15 lower.
Corn prices jumped Friday on rumors that China had taken advantage of a recent price break to secure U.S. corn.
Wheat harvest is kicking off in major wheat growing areas, while wrapping up in the South. As combines roll, growers are facing below break-even prices, even with the recent Chinese buying spree.
John Phipps says until recently, the idea of reviving ways to idle acres was looking less unthinkable. With growing crop supplies, the revival of a set-aside program is now entering the conversation again.
The USDA announced today producers participating in federal crop insurance who have a payable prevented planting indemnity for 2019 will automatically receive an extra payment
If the trend continues at the same rate over the next two decades, America will “face a future with too few farms,” say leaders at the American Farmland Trust.
John Phipps says the recent pattern of coping with crop reports resembles the famous Kubler Ross Stages of Grieving. Beginning with denial, we work our way through anger, bargaining, depression, and finally acceptance.
The July WASDE report typically doesn’t create many fireworks, but an already historic year could cause the WASDE and Crop Production reports to yield some surprises. Jim McCormick of AgMarkets.Net explains.
Recent adjustments to crop insurance could make decisions this year even more difficult. John Phipps explains in Customer Support.
