corn crop

China will remain the leading importer of soybeans and cotton, but Mexico will be the world's largest corn importer for the rest of this decade, said the Food and Agricultural Policy Research Institute. The United States would be the top corn exporter despite increased competition from Brazil, said the University of Missouri think tank in updating its international marketing baseline.

The farm-gate value of this year's U.S. corn, soybean, and wheat crops would be nearly 8 percent lower than the 2023 crops due to the continuing decline in commodity prices, according to USDA estimates of season-average prices.

Growers are planting more corn than expected this year and the result could be the second harvest in a row to exceed 15 billion bushels, according to a USDA survey of growers and projected yields per acre. The mammoth crop, only slightly smaller than the record set last year, could drive down farmgate prices for corn.

Manufacturers of heavy-duty trucks and buses will be required to produce vehicles that reduce greenhouse gas emissions by as much as 60 percent by model year 2032 under a new EPA regulation. The agency said a variety of technologies can be used by truck makers to meet the tailpipe emissions target, from cleaner-burning internal combustion engines to hybrids, electric vehicles, and hydrogen fuel cells.

Farmers are expected to plant an estimated 86.5 million acres of soybeans this year, up 3 percent from last year, and dial back their corn acreage by 5 percent and their wheat acreage by 4 percent, according to the USDA’s annual Prospective Plantings report, released Thursday.

U.S. farmers will plant enough land to corn and soybeans this spring to put record harvests within reach with normal weather and “trend-type” yields, said an S&P Global update. It was the second report this week to suggest that despite the USDA’s projection of a shift toward soybeans, many farmers will stick with corn. 

Although the cost of production rose in both countries in 2023, U.S. corn growers have an advantage over their Brazilian rivals with lower per-bushel costs, said four agricultural economists at the farmdoc daily blog. The United States grows three times as much corn as Brazil, but Brazil is forecast to be the world’s top corn exporter for the second year in a row.

Mexico might review, and potentially remove, its ban on imports of genetically modified white corn following its presidential election on June 2, said Agriculture Secretary Tom Vilsack on Sunday. "That would be my hope," said Vilsack. The new president, likely to be a woman for the first time, would take office on Oct. 1.

Farmers are harvesting the largest U.S. corn crop ever grown, 15.2 billion bushels, and only the third crop on record to top 15 billion bushels, said the Agriculture Department.

For the past 30 years, U.S. farmers have increased dramatically the amount of cropland that is planted to corn and soybeans — from 45 percent in the mid-1990s to 60 percent now — say four agricultural economists at the farmdoc daily blog.

Nine out of 10 farmers say they definitely or probably will stick with cover crops after the expiration of financial incentives to add the crops to their operations, said a report based on a survey of 795 farmers nationwide. Half of the participants in the National Cover Crop Survey said they had received some sort of payment for cover crops in 2022.

Competition from South America will crimp U.S. corn and soybean exports over the summer, according to a forecast by the Agriculture Department in its monthly WASDE report.

Drought covers large portions of the Midwest from Ohio to the Missouri River, said the weekly Drought Monitor on Thursday. Less than an inch of rain fell in eastern Nebraska during May, and half of Illinois was in drought, an increase of 20 points in one week.

The Biden administration asked for USMCA consultations with Mexico over its ban on imports of GMO corn for human consumption, the last step before filing a trade complaint in the long-running dispute.