Agricultural Economy

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.”

DTN Managing Editor Anthony Greder reported yesterday that, “U.S. corn and soybean conditions fell for a second week in a row during the week ended Sunday, June 18, according to USDA NASS’ weekly Crop Progress report released Tuesday.”

Wall Street Journal writer Shannon Najmabadi reported on Saturday that, “Were this a normal mid-June morning, farmer Gary Millershaski would be looking out at waist-high fields of golden wheat almost ready to be harvested.”

Dow Jones writer Kirk Maltais reported yesterday that, “The weather forecast for the U.S. Corn Belt continues to be the main focus of grain traders in the latter half of the week.”

In its monthly Wheat Outlook report this week, the USDA’s Economic Research Service indicated that, “Global wheat production is forecast at a record 800.2 million metric tons (MMT), up 10.4 MMT from the May forecast.”

Reuters writer Julie Ingwersen reported yesterday that, “U.S. corn futures rose to a nearly two-month high on Monday as traders fretted about disappointing weekend rains and dry conditions stressing crops in portions of the Midwest crop belt, analysts said.”

On Friday, the the USDA’s Foreign Agricultural Service (FAS) released its monthly  World Agricultural Production report.  Today’s update includes highlights from the report, with a particular focus on wheat and soybeans.”

Wall Street Journal writers Matthew Luxmoore and Bojan Pancevski reported today that, “A major dam and power station in a Russian-occupied part of Ukraine were destroyed Tuesday, casting uncertainty over Ukraine’s planned counteroffensive in the south of the country.”

Last week, the USDA’s Economic Research Service (ERS) released a report titled, “Characteristics and Trends of U.S. Soybean Production Practices, Costs, and Returns Since 2002.”  Today’s update includes highlights from the report, which was authored by Kate Vaiknoras and Todd Hubbs.

DTN writer Russ Quinn reported last week that, “According to retail fertilizer prices tracked by DTN for the fourth week of May 2023, fertilizers are mostly higher.”

Bloomberg writers Agnieszka de Sousa and Aine Quinn reported on Friday that, “Global food costs fell to the lowest level in two years in May, reviving hopes that sticky inflation on supermarket shelves will start to ease.”