Reuters writer Tom Polansek reported on Friday that, “U.S. farmers are raising the fewest beef cows since at least 1971, government data released on Friday showed as drought conditions whittled herds, likely boosting costs for meatpackers that slaughter the animals into steak and hamburgers.”
Farm Policy News
Amid Black Sea Turmoil, Wheat Set for 9% Weekly Climb; as India Rice Export Issues Emerge
Bloomberg writers Jasmine Ng, Megan Durisin, and Aliaksandr Kudrytski reported today that, “Wheat edged lower but is still poised for a weekly gain of more than 9%, as military drills in the Black Sea add to the risks disrupting grain trade from a vital producing region.”
Wheat Soars as Russia Threatens Ships; Ports Hit For Third Straight Night
Bloomberg writers Megan Durisin, and Aliaksandr Kudrytski reported yesterday that, “Wheat and corn rallied to three-week highs as another wave of Russian attacks battered southern Ukraine following the collapse of the grain-export deal.”
U.S. Winter Wheat Harvest Slows, as Dry Weather Remerges as a Concern for Corn, Soybeans
Shannon Najmabadi reported in today’s Wall Street Journal that, “Rows of wheat fall like waves under the combine Laura Haffnerdrives in a 320-acre field in far west Kansas, leaving stalks stripped of kernels in its wake.”
Ukraine Ports Attacked For Second Consecutive Night, as U.S. Announces Ukrainian Agricultural Aid
New York Times writer Gabriela Sá Pessoa reported yesterday that, “The United States Agency for International Development announced a total of $750 million in new assistance to Ukraine on Monday and Tuesday, with $500 million dedicated to humanitarian aid and $250 million to support the country’s farmers after Russia refused to extend a Black Sea grain deal.”
Black Sea Grain Deal Abandoned – China Was “Biggest Recipient of Ukrainian Grain Under the Deal”
Financial Times writers Max Seddon, Henry Foy and Adam Samson reported yesterday that, “Russia has formally withdrawn from a UN-brokered deal to export Ukrainian grain across the Black Sea, potentially imperilling tens of millions of tonnes of food exports around the world.”
Crop Conditions Improve- Corn Up Two Points, Soybeans Up Four Points
DTN Managing Editor Anthony Greder reported yesterday that, “U.S. corn and soybean conditions improved again last week, according to USDA NASS’ weekly Crop Progress report released Monday. Both crops also continued to mature at a slightly ahead-of-average pace.”
Federal Reserve: Observations on the Ag Economy- June 2023
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.
Black Sea Grain Deal Update- “Deal to Expire Monday”
New York Times writers Matthew Mpoke Bigg, Anatoly Kurmanaev and Vivek Shankar reported on Sunday that, “The United Nations on Sunday awaited a response from Russia on renewing a deal that allows Ukraine to export its grain amid a wartime blockade, a necessity in helping keep global food prices stable.”
Dry Weather Concerns Linger Over Parts of the Midwest, as Black Sea Grain Deal Issues Persist
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.”
Despite Early Dryness, “Massive” Corn and Soybean Harvest Expected
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.”
WASDE- “All Eyes Will Be on America’s Corn Yield,” Excess Milk in Upper Midwest Going “Down the Drain”
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.”
Corn, Soybean Conditions Improve, But “Still the Lowest for this Time of Year Since 2012”
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.”
Black Sea Grain Deal in Focus
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.”
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.”