Keith Good

On Wednesday, the Federal Reserve Board released its June 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.

Dow Jones writer Kirk Maltais reported yesterday that, “Corn for September delivery rose 3.5% to $5.00 1/2 a bushel, on the Chicago Board of Trade on Thursday, with rainfall over the next few days expected to give way to hot and dry weather that may stress crops.”

Reuters News reported yesterday that, “The government said on Wednesday that U.S. farmers will harvest massive crops of both corn and soybeans this year, boosting the supply base despite drought conditions stressing plants during early stages of development.”

Bloomberg writer Tarso Veloso Ribeiro reported yesterday that, “Wednesday is WASDE day, when the US government releases its monthly World Agricultural Supply and Demand Estimates report.”

DTN Managing Editor Anthony Greder reported yesterday that, “Another week of widespread rains and cooler weather boosted the national corn condition rating for the second week in a row, and soybean condition also improved slightly following several weeks of declines, according to USDA NASS’ weekly Crop Progress report released Monday.”

Reuters News reported on Friday that, “The United Nations food agency’s world price index fell in June to its lowest level in more than two years, pushed down by a drop in the cost of sugar, vegetable oils, cereals and dairy products.”

Bloomberg’s Brian K Sullivan reported yesterday that, “The Midwest ‘flash drought’ that gripped the region through the spring and early summer has shown a glimmer of relaxing with dry areas dropping for the first time since May.”

DTN Managing Editor Anthony Greder reported on Monday that, “After falling for three weeks in a row, corn condition improved last week, but just by 1 percentage point, according to USDA NASS’ weekly Crop Progress report released Monday.”

Reuters writer Julie Ingwersen reported on Friday that, “U.S. soybean futures surged about 6% on Friday after the U.S. Department of Agriculture (USDA) reported much lower-than-expected 2023 soy plantings and June 1 inventories, while corn futures tumbled on larger-than-expected acreage.”

DTN writer Russ Quinn reported last week that, “Retail fertilizer prices continue their decline, according to sellers tracked by DTN for the third week of June 2023. This trend has been in place for more than six months now.”

Reuters writer Karl Plume reported yesterday that, “The most intense drought to hit the U.S. Midwest farm belt since 2012 deepened over the past week, sapping soil moisture and threatening crop yield potential in the heaviest corn and soybean production areas of the United States.”

Reuters writer Julie Ingwersen reported yesterday that, “U.S. corn futures fell more than 4% and soybeans more than 2% on Wednesday, pressured by forecasts for crop-boosting rains in the Midwest where dry conditions have stressed crops in many areas.”

Dow Jones writer Kirk Maltais reported yesterday that, “Wheat for September delivery fell 5.4% to $6.99 a bushel, on the Chicago Board of Trade on Tuesday, with grain traders looking past the USDA’s Crop Progress report and instead focusing on Friday’s acreage and stock reports.”

DTN Managing Editor Anthony Greder reported yesterday that, “U.S. corn and soybean conditions declined for the third week in a row during the week ended Sunday, June 25, according to USDA NASS’ weekly Crop Progress report released Monday.”

Bloomberg writers Jasmine Ng and Megan Durisin reported today that, “Wheat climbed to a fresh four-month high after the armed uprising in top exporter Russia added uncertainty over the outlook for grain shipments from the Black Sea breadbasket.” 

DTN writer Russ Quinn reported last week that, “Retail fertilizer prices tracked by DTN for the second week of June 2023 continued the trend of moving lower compared to a month ago. This trend has been in place since the beginning of 2023.”

Reuters writer Karl Plume reported yesterday that, “The worst U.S. Midwest drought since 2012 expanded over the past week despite mild temperatures as a lack of rain across the heart of the American farm belt threatened newly seeded corn and soybean crops, climatologists said in a weekly report.”

Bloomberg writer Tarso Veloso Ribeiro reported yesterday that, “Corn prices are surging as persistent dry weather in the US, the world’s biggest producer, has dragged crop conditions to the worst levels in three decades.”