Texas A&M AgriLife’s Blair Fannin reported Monday that “Texas A&M AgriLife Extension Service economists project the Panhandle wildfires caused $123 million in preliminary agricultural losses, making it the costliest on record.” “The losses include more than 12,000 cattle deaths, lost grazing values and fence repair costs, according to economists,” Fannin reported. “The initial loss estimates […]
Agricultural Economy
Argentina’s Rosario Port Falls in 2023 Exports, New Orleans Takes Top Spot
Reuters’ reported late last week that “Argentina’s massive Rosario farming port lost its spot as the world’s No. 2 grains export hub in 2023, a report from a local exchange showed on Friday, underscoring the impact of a historic drought that hammered corn, wheat and soy last year.” “Rosario shipped out 42.4 million metric tons […]
Wheat Futures Erasing Early-Year Losses
Bloomberg’s Áine Quinn and Tarso Veloso reported late last week that “wheat futures traded in Chicago nearly erased losses so far this year, with prices climbing on concerns over weather in key producers. The recovery comes as traders worry that weather in Russia, Europe and the US could impact supplies.” “’Concerns over crop prospects in […]
Canada Concerned Over Bunge, Viterra Merger
Reuters’ David Ljunggren and Rod Nickel reported that “Canada’s Competition Bureau on Tuesday said it found major competition concerns around U.S. grains merchant Bunge’s proposed acquisition of Glencore-backed Viterra, throwing an obstacle before a global agriculture merger that is unprecedented in dollar value.” “The deal would create a company worth $34 billion including debt, nearer […]
Farmers Oppose Koch Acquisition of Iowa Fertilizer Plant
The Des Moines Register’s Donnelle Eller reported Sunday that “Iowa farmers told a federal trade leader this weekend that the agency should block the $3.6 billion sale of the Iowa Fertilizer Co. to Koch Industries, saying it will further consolidate the industry and drive prices higher.” “Several of the roughly 100 Iowa, Minnesota and Missouri […]
Fed’s April Ag Economy Observations
The Federal Reserve Board on Wednesday released its April 2024 Beige Book update, a summary of commentary on current economic conditions by Federal Reserve District. While the report covers generalized “regional economic conditions and prospects,” it also includes the following observations pertaining to the U.S. agricultural economy. Sixth District — Atlanta “Agricultural conditions showed modest […]
Republican Study Committee Budget Targets SNAP, Crop Insurance
A proposed 2025 budget from the Republican Study Committee — the largest conservative caucus in the U.S. House of Representatives — would cap crop insurance subsidies a single farmer may receive to $40,000, provide PLC and ARC payments only to farms with gross income below $500,000 and convert funding for the Supplemental Nutrition Assistance Program […]
U.S. Cotton Mills Rapidly Closing
Bloomberg’s Ilena Peng reported Saturday that cotton’s “demand from US manufacturers is on an unrelenting — and accelerating — decline. There were nearly 900 US cotton mills operating around the time of the Chicago expo (in 1893). That number is today around 100, the National Cotton Council estimates, after eight closed in the last five months […]
Maryland Bridge Collapse Could Affect Ag
NBC News’ Rob Wile and Shannon Pettypiece reported Tuesday that “customers from the East Coast to the Midwest who were expecting goods shipped in via the Port of Baltimore could see significant cost increases as a result of Tuesday’s collapse of the Francis Scott Key Bridge in Baltimore” that has blocked access for ships to […]
ADM Overstated Nutrition Profits by Up To 10%
The Financial Times’ Stephen Foley reported Tuesday that “Archer Daniels Midland, the global agricultural commodities merchant, overstated historical profits at its fast-growing nutrition business by up to 10 percent, it said on Tuesday, setting out for the first time the details of an accounting probe that led to its chief financial officer being put on […]
‘Product of USA’ label restricted to US-grown meat, poultry and eggs
Reuters’ Leah Douglas reported that “the administration of U.S. President Joe Biden on Monday finalized a rule requiring meat, poultry, or eggs labeled as a U.S. product to come from animals born, raised, slaughtered, and processed in the country.” “The rule, proposed last March, is a victory for U.S. ranchers who argued for years that […]
Farmers Continue Embracing Solar Panels
Bloomberg’s Ilena Peng, Michael Hirtzer, and Will Wade reported Thursday that “farmers are increasingly embracing solar as a buffer against volatile crop prices and rising expenses. Their incomes are heading for a 26% slide this year, the biggest drop since 2006, as cash receipts for corn, soy and sugar cane are expected to drop by […]
Ag Avoids SEC Emissions Reporting Rule
Progressive Farmer’s Todd Neeley reported Wednesday that “the U.S. Securities and Exchange Commission on Wednesday voted to finalize a climate-disclosure rule that dropped a requirement for U.S.-listed companies to disclose Scope 3 greenhouse gas emissions, including farms and ranches.” “The final rule is considered a victory for farmers and ranchers who spoke out against the […]
Drought Ends Along Mississippi River, For Now
WorkBoat’s Pamela Glass reported last week that “the U.S. Army Corps of Engineers has officially declared an end to the severe drought that disrupted barge transportation along the Mississippi River system for more than a year.” “Draft restrictions on vessels have been lifted, and dredges no longer operate to maintain nine-foot navigation throughout the Mississippi […]
Spring Crop Insurance Projected Prices Fall
Progressive Farmer’s Katie Micik Dehlinger reported Thursday that “the corn projected price for 2024 revenue protection policies is 27% lower than last year at $4.66 per bushel, while the soybean projected price is 16% lower at $11.55. Projected prices for spring wheat are $6.85, 30% lower than last year.” “Revenue protection crop insurance policies won’t […]
USDA Raises 2024 Export & Import Forecast
The United States Department of Agriculture this week raised its fiscal year 2024 agricultural export and import forecasts by $1 billion each, holding steady its estimate of a $30.5 billion U.S. ag trade deficit in 2024. Fiscal year 2024 exports are now forecast at $170.5 billion, while imports are estimated at $201.0 billion. An ag […]
Government Shutdown Looms Amid Crop Insurance Deadline
Forbe’s Simon Moore reported Tuesday that “without passage of a budget or a continuing resolution, four appropriations areas of the U.S. government would shut down at midnight on March 1. This includes Agriculture, Rural Development, and the Food and Drug Administration; Energy and Water Development; Military Construction and Veterans Affairs; and Transportation, Housing and Urban […]
Corn Dropped Below $4 Last Week
Reuters’ P.J. Huffstutter reported that “Chicago Board of Trade corn futures (last) Friday dipped below $4 per bushel in the front-month contract Cc1 for the first time since November 2020, as hefty U.S. and global supplies weighed over the market.” May corn futures prices, however, remained above $4, closing at just above $4.13 last Friday. […]
Year-Round E15 Sales to be Approved for Midwest States in 2025
Reuters’ Jarrett Renshaw and Stephanie Kelly reported Tuesday that “the White House will approve a request from a group of Midwest governors to allow year-round sales of gasoline with higher blends of ethanol (in their states), but will push the start date into next year, two sources familiar with discussions said.” “The decision will likely […]
First Ship Abandoned After Red Sea Attack
Bloomberg’s Omar Tamo, Mohammed Hatem, and Alex Longley reported Monday that “the crew of a commercial ship in the Red Sea abandoned the vessel following a Houthi attack — the first such evacuation since the militant group began menacing trade in the vital waterway late last year.” “The strikes on the Rubymar, a relatively small […]