Agricultural Economy

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.”

On Wednesday, the Federal Reserve Board released its May 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.”

Reuters writers Julie Ingwersen and Tom Polansek reported yesterday that, “The condition of the drought-hit U.S. winter wheat crop has improved more than analysts expected, while the nation’s corn is in worse shape than last year, U.S. Department of Agriculture data showed on Tuesday.”

In an update last week from the Federal Reserve Bank of Kansas City (“Credit Conditions and Farmland Values on Solid Footing as Farm Economy Moderates”), Nate Kauffman and Ty Kreitman indicated that, “Agricultural credit conditions remained strong in the first quarter, but improvement slowed alongside some moderation in the farm economy.”

Jan Wolfe and Jess Bravin reported on the front page of today’s Wall Street Journal that, “The Supreme Court limited the Environmental Protection Agency’s authority over wetlands in a decision with broad ramifications for the environment, agriculture, energy and mining.”

DTN Farm Business Editor Katie Dehlinger reported yesterday that, “The average cash rental rate for Iowa farmland climbed 9% in 2023 to $279 per acre, according to an annual survey conducted by Iowa State University Extension.”

Reuters writers Dominique Patton and Naveen Thukral reported today that, “A surplus of cheap wheat in China is replacing significant volumes of corn in its huge animal feed market, say feed makers and analysts, curbing consumption of both corn and soymeal and potentially reducing demand for imports.”

Reuters writer Julie Ingwersen reported yesterday that, “The U.S. Department of Agriculture’s weekly crop progress report rated 31% of the U.S. winter wheat crop in good to excellent condition, up 2 percentage points from a week earlier and above an average of analysts’ expectations.”

Reuters writer Tom Polansek reported on Monday that, “Farmers in Kansas, the biggest U.S. producer of wheat used to make bread, are abandoning their crops after a severe drought and damaging cold ravaged farms.”

DTN writer Russ Quinn reported last week that, “Retail fertilizer prices moved in opposite directions the second week of May 2023, according to sellers surveyed by DTN.”

Dow Jones writer Yusuf Khan reported yesterday that, “Global production of wheat, corn, barley and other grains is forecast to hit an all time high in the forthcoming season, as strong supplies of corn in particular drive food production to record levels.”