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Shining Light on Farm & Food Policy for 20 Years.
Thursday, December 19, 2024
A new Agriculture Department report projects the nation’s corn producers will still be able to top 15 billion bushels of nationwide production even as stretches of the heartland face dry weather that will lower yields.
U.S. farmers planted 6% more corn acres this spring than last year but 5% fewer soybean acres, which is likely to drive U.S. soybean exports lower because of tighter supplies and higher prices.
Weakening corn and soybean demand revealed in Friday’s USDA’s World Agricultural Supply and Demand Estimates could keep a lid on grain and oilseed prices.
USDA has cut its forecast for the value of U.S. ag exports in fiscal year 2023 to $181 billion, a $3.5 billion reduction from the agency’s February prediction of $184.5 billion.
The House Agriculture Committee is considering raising reference prices based on a commodity’s relative input costs, an approach that could benefit some southern crops over commodities such as soybeans and corn.
Much larger corn crops in Argentina and the U.S. will be driving down global prices and spurring international trade in the 2023-24 marketing year, USDA said Friday.
Groups representing producers of U.S. row crops are far from united on what Congress should do to improve commodity programs, even as the House and Senate Agriculture committees look to start writing a new farm bill in coming weeks.
The USDA slashed its forecast for Argentina’s corn and soybean production in response to widespread drought and raised its prediction for Chinese wheat imports in its April World Agricultural Supply and Demands Estimate.
The USDA on Friday said raised its planting forecasts for corn, soybean and most wheat, but slashed its prediction for cotton planting as dryness in Texas continues.
Soybean and wheat growers are taking the lead in pushing for lawmakers to increase farm program reference prices in the next farm bill, even as lawmakers wrestle with how to come up with the extra money that would be required.
