Bloomberg writers Baris Balci and Olesia Safronova reported on Saturday that, “Turkey wants the safe-transit deal for Ukrainian grain exports from Black Sea ports extended for three months instead of two, said President Recep Tayyip Erdogan.”
Farm Policy News
FAO Food Price Index Continues to Fall
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.”
Midwest Drought “Eases Its Grip”
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.”
U.S. Crop Conditions – – Corn Up One Point, Soybeans Down One
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.”
Soybeans Surge, Corn Tumbles After Acreage Report
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- Fertilizer Prices “Continued Their Decline”
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.”
Drought Deepens, But Expected Precipitation Could Help Stabilize Crops, as Derecho Marches Across Central U.S.
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.”
“Forecasts for Crop-Boosting Rains” Pressure Grain Prices Lower
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.”
Grain Prices “Shrugging Off” Lower Crop Conditions
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.”
For Third Week in a Row, Corn and Soybean Conditions Fall
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.”
Wheat Climbs Amid Russian Turmoil, as Heat Wave Impacts Agriculture in China
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- Fertilizer Prices “Continued the Trend of Moving Lower”
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.”
U.S. Midwest Drought Expands
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.”
Corn “Has Risen More Than 10% in the Last Four Trading Days,” Declining Crop Condition Ratings- Dry Weather
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.”
For Second Week in a Row, Corn and Soybean Conditions Fall
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.”
Expected Record U.S. Corn, Soybean Production “In Jeopardy Due to Problematic Weather”
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.”
U.S. Secretary of State Antony J. Blinken Visits China Aiming to Stabilize Tensions
Washington Post writers John Hudson and Lily Kuo reported in Sunday’s paper that, “Antony Blinken became the first U.S. secretary of state to visit China in five years as he arrived in the country Sunday for two days of high-stakes meetings aimed at stabilizing a relationship under historic stress.”
A Look at Agriculture in Drought
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.”
Global Wheat Production Forecast at a Record
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.”
Growing Price Gap in U.S. Corn Export Prices Could Further Limit U.S. Exports
In its monthly Feed Outlook report yesterday, the USDA’s Economic Research Service (ERS) indicated that, “U.S. corn exports for 2022/23 are lowered to 1.725 billion bushels, down 50 million bushels from the May World Agricultural Supply and Demand Estimates (WASDE) report.”