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Balanced Reporting. Trusted Insights.
Monday, April 07, 2025
U.S. farmers are going to be producing and exporting a lot more grain and oilseeds for their respective 2023-24 marketing years, according to new forecasts released Thursday at USDA’s annual Agricultural Outlook Forum.
The official new estimates for farm bill costs do little to ease the funding squeeze facing lawmakers who want to increase reference prices for major commodities to reflect the higher input costs farmers are paying.
Meanwhile, the Congressional Budget Office forecast raises new questions about the future of conservation funding provided through the Inflation Reduction Act.
Deere and Co. said Friday its net income jumped 117% in the latest quarter compared to the same period a year earlier, and the farm equipment giant raised its earnings estimate for fiscal 2023.
History may be in the making now that USDA has raised its forecast for Brazilian corn exports to 50 million metric tons for the 2022-23 marketing year. That would push Brazil past the U.S., the long-established world leader in corn exports, which is expected to ship 48.9 million tons to foreign buyers.
USDA’s latest farm income forecast could provide some ammunition to farm groups and their allies in Congress who argue that soaring production costs are eating into farm earnings while producers have little chance of seeing payments from commodity programs.
The Agriculture Department is forecasting that net farm income will decline sharply this year on lower revenue from crops and livestock and higher production expenses.
Higher margins in its ag services and oilseeds business helped push ADM to an operating profit of about $6.5 billion for its fiscal year 2022, an increase of 41% over 2021.
Commodity groups whose members depend on chlorpyrifos are desperately trying to overturn an EPA decision resulting in the loss of the long-used insecticide deemed unsafe on food crops.
The Agriculture Department left most of its crop production and usage estimates unchanged in its latest World Agricultural Supply and Demand Estimates released Friday, matching trader expectations ahead of the report.
