Chris Kenning reported on the front page of today’s USA Today that, “In the wheelhouse high atop the rumbling, 240-foot boat, James Garner perched in a chair surrounded by levers, dials and screens. Below him, the Dredge Potter inched up a remote stretch of khaki-colored water between Missouri and Illinois.”
Keith Good
Keith Good is the Farm Policy News editor for the farmdoc project. He has previously worked for the USDA’s National Agricultural Statistics Service, and compiled the daily FarmPolicy.com News Summary from 2003-2015. He is a graduate of Purdue University (M.S.- Agricultural Economics), and Southern Illinois University School of Law.
Cut in U.S. Soybean Harvest, While Corn Production Increased- Expected to Be “the Second-Largest on Record”
Reuters writer Mark Weinraub reported yesterday that, “The U.S. government cut its forecast for the soybean crop on Tuesday after hot and dry conditions during key growth stages but raised the corn harvest view due to expectations for large acreage harvested despite adverse weather this summer.”
U.S. Corn, Soybean Conditions: “Hovering at Their Lowest Levels in a Decade”
DTN Managing Editor Anthony Greder reported yesterday that, “The 2023 U.S. corn harvest is slightly outpacing the five-year average so far as the crop continues to reach maturity ahead of normal, USDA NASS stated in its weekly Crop Progress report on Monday. Soybeans, too, continue to reach maturity ahead of the five-year average.”
FAPRI Baseline Update- U.S. Farm Income and Government Costs in Focus
The Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri released its latest baseline update for U.S. farm income and government costs on Monday.
Impact of Summer Heat on U.S. Crops Debated, as Black Sea Export Issues Persist
Dow Jones writer Kirk Maltais reported on Friday that, “The effect of scorching heat on maturing U.S. crops is driving the price debate in grain markets, with trading volume of grain futures muted as observers are split over the extent of crop damage.”
Global Food Prices Decline in August- Lowest in Two Years, But Rice at 15-Year High
Bloomberg writer Agnieszka de Sousa reported today that, “Global food prices resumed declines to the lowest in more than two years amid ample supplies of cooking oils and dairy, even as worries persist over flows of key staples from some regions.”
Federal Reserve: Observations on the Ag Economy- August 2023
On Wednesday, the Federal Reserve Board released its August 2023 Beige Book update, a summary of commentary on current economic conditions by Federal Reserve District. The report included several observations pertaining to the U.S. agricultural economy.
Black Sea Grain Issues in Focus, While China Soy Imports Climb; U.S. Corn Harvest Starting Sooner Than Normal
Reuters writers Jonathan Saul and Carolyn Cohn reported today that, “Lloyd’s of London is in talks with the United Nations over providing insurance cover for Ukrainian grain shipments if a new Black Sea corridor deal can be reached, its CEO John Neal told Reuters on Thursday.”
U.S. Agricultural Exports Forecast at $172.0 Billion in Fiscal Year 2024
Last week, the USDA released its Outlook for U.S. Agricultural Trade, a quarterly report from the Department’s Foreign Agricultural Service (FAS) and Economic Research Service (ERS). Today’s update includes highlights from the report, which was prepared by Bart Kenner, Hui Jiang, Dylan Russell, and James Kaufman.
U.S. Corn, Soybeans Good-to-Excellent- “Lowest For This Time of Year Since 2012”
Reuters News reported today that, “Chicago soybean futures rose on Wednesday, recouping the last session’s losses, after a weekly U.S. report showed that crop conditions had deteriorated more than expected due to high temperatures.”
FAPRI Baseline Update- Grain and Soybean Variables in Focus
The Food and Agricultural Policy Research Institute (FAPRI) at the University of Missouri released its latest baseline update for U.S. agricultural markets on Tuesday.
Black Sea Grain Deal Renewal Still on Hold After Turkish, Russian Talks
Financial Times writers John Paul Rathbone and Roman Olearchyk reported on Sunday that, “Russian forces launched a massive drone attack on Ukraine’s southern Odesa port region in the early hours of Sunday, a day before the Turkish and Russian presidents were due to hold talks about restarting the export of grain via the Black Sea.”
2023 Farm Sector Income Forecast, August
The USDA’s Economic Research Service (ERS) indicated on Thursday that, “Farm sector income is forecast to fall in 2023 after reaching record highs in 2022. Net farm income, a broad measure of profits, reached $183.0 billion in calendar year 2022, increasing $42.9 billion (30.7 percent) from 2021 in nominal dollars.”
Mississippi River Barge Freight Rates Climb on Lower Water Levels
Bloomberg writer Tarso Veloso Ribeiro reported yesterday that, “The cost to transport America’s harvest from the Midwest to the rest of the world is soaring as shrinking water levels on the Mississippi River drive up barge freight rates — and the forecast for below-than-average rainfall offers no relief.”
Bloomberg: Brazil Top Corn Exporter in 2023, 2024
Bloomberg writers Michael Hirtzer and Dominic Carey reported today that, “For more than half a century, US farmers dominated the international market for corn, shipping more of the critical crop than any other country to feed the world’s livestock, fill its stockpiles and manufacture its processed foods.”
EPA Amends “Waters of the U.S.” Rule to Conform With Supreme Court Decision
DTN writer Todd Neeley reported yesterday that, “The EPA removed the term ‘significant nexus’ from the waters of the U.S. (WOTUS) rule in a final revision announced by the agency Tuesday after the Supreme Court in May declared unconstitutional the jurisdictional test that has been the subject of intense opposition and litigation for nearly a decade.”
U.S. Corn, Soybean Conditions Slightly Lower; El Niño Weather Variables, and Danube River Transport in Focus
Reuters writer Julie Ingwersen reported yesterday that, “Weekly condition ratings for the U.S. soybean and corn crops declined in the past week after a spell of sweltering heat in the Midwest, government data showed on Monday, but not by as much as most analysts expected.”
Second Ship Sails From Odesa Through Black Sea “Humanitarian Corridor,” While China Economic News in Focus
Reuters writer Dan Peleschuk reported yesterday that, “A vessel carrying steel products to Africa has left Ukraine’s Odesa port through a temporary Black Sea corridor, the second ship to do so since Russia withdrew last month from a U.N.-brokered deal that allowed for grain to be safely exported, a senior Ukrainian government official said on Sunday.”
Despite Russian Attacks on Danube, Romania Seeks to Double Alternative Shipping Capacity, as “Russia Squeezes Ukraine’s Ability to Export” Grain
Alistair MacDonald and Oksana Pyrozhok reported on Saturday at The Wall Street Journal Online that, “As Russia squeezes Ukraine’s ability to export its huge grain harvests, it is farmers like Valery Kolosha who are counting the cost.”
Logistical Breakthroughs Boost Brazil Corn Export Competitiveness, While China GMO Trials Show “Outstanding” Results
Reuters writer Ana Mano reported yesterday that, “Brazil is set to overtake the U.S. this year as the world’s top corn exporter, reflecting both a bumper harvest and logistical breakthroughs such as the consolidation of northern export routes, which are boosting the competitiveness of the South American grains powerhouse.”