Stable near-term corn, soy, and wheat prices at U.S. farm gate, USDA says
For the next few years, season-average prices for U.S. corn, soybeans, and wheat, the three most widely grown crops in the country, will largely mirror the market prices for this year’s crops, projected the Agriculture Department on Thursday. The steep declines in farm-gate prices since 2022 would be replaced by a period of relative stability, according to the USDA’s long-term baseline.
Corn, soy, wheat prices to run at pre-pandemic levels in years ahead
After soaring at the start of this decade, season-average prices for the three major U.S. crops will drop to pre-pandemic levels and stay there for the near term, said a University of Missouri think tank on Thursday. Cattle would be the most notable exception to an overall decline in crop and livestock values.
Bumper U.S. crops this fall will drive farm-gate prices lower, says USDA
Farmers will reap their largest soybean crop ever this year, and the third-largest corn crop, said the Agriculture Department on Monday in its first forecast of the fall harvest. The mammoth crops will outpace demand and drive down prices, it said. Corn and soybean inventories would balloon to the largest size in six years and weigh on commodity markets far into 2025.
Winter wheat condition improves as harvest nears
Half of the U.S. winter wheat crop was in good or excellent condition at the start of the week, a vast improvement from the drought-scarred 2023 crop, said the USDA's Crop Progress report on Monday. The USDA will make its first forecast of the harvest on Friday. Winter wheat usually accounts for three-quarters of all U.S. wheat production.
India uses wheat stockpile to fight inflation
India is drawing down its government-held wheat reserves more rapidly than expected as it tries to control inflation, said the monthly Wheat Outlook on Monday. USDA analysts lowered by 2.1 million metric tons their estimate of India's wheat supply at the end of this marketing year.
Big crops and lower prices for U.S. farmers in 2024
American farmers will harvest monster corn and soybean crops this year, including the largest soybean crop ever, at 4.5 billion bushels, and the third corn crop in four years to top 15 billion bushels, projected the Agriculture Department on Thursday. Season-average prices for the crops would fall for the second year in a row from the spike in commodity markets created by Russia’s invasion of Ukraine in 2022.
U.S. crop prices head downhill after roller coaster climb
After soaring to sky-high levels following Russia's invasion of Ukraine, U.S. corn, soybean, and wheat prices are coming back to earth as supplies expand worldwide, said the Agriculture Department. The average price for corn this marketing year will be 27 percent lower, wheat 18 percent lower, and soybeans 10 percent lower than last season, said USDA analysts in a new look at global supply and demand.
War has limited impact on world grain and oilseed output
Commodity prices soared when Russia invaded Ukraine in February 2022 amid fears of grain shortages with two of the world's leading grain exporters engaged in war. Instead, global production of grains and oilseeds has exceeded forecasts based on production before the invasion, said four agricultural economists on Monday.
Drought eases and growers plant more winter wheat
Growers are expected to sow the largest amount of U.S. land to winter wheat in nine years, encouraged by strong market prices, in part a result of warfare in Ukraine, and forecasts of better growing conditions in the drought-hit central and southern Plains. Winter wheat accounts for roughly seven of every 10 bushels of wheat harvested in the nation.
Precision ag usage is highest in top row-crop states
Farmers in the top corn, wheat, soybean, and hog states are twice as likely as farmers in smaller-volume states to use precision agriculture practices, such as GPS guidance, said the USDA’s farm computer report on Thursday. Usage often topped 50 percent in the top row-crop states, while the U.S. average was just 27 percent.
Poor nations losing food purchasing power — FAO
The wealthy nations of the world will spend $1.2 trillion this year on food imports that include meat, fish, coffee and spices, while poorer nations tighten their belts and focus on staple foods such as grains, said the UN Food and Agriculture Organization. "The decline in food import volumes is a concerning development," said the report, "suggesting a decline in purchasing capacity."
Winter wheat crop in slightly better condition
Nearly half of the U.S. winter wheat crop is in drought but its condition improved slightly in the past week, said the USDA on Tuesday. The weekly Crop Progress report also showed growers in the upper Midwest were rushing through corn and soybean planting after a slow start due to cold and wet weather.
Climate change threatens large portion of U.S. cropland – report
Three of every 10 acres of U.S. corn and winter wheat are under increased threat as climate change boosts temperatures and makes rainfall more erratic in the Midwest and Plains, said new report on Tuesday. Commissioned by the American Farmland Trust, the report said the 2023 farm bill should embrace climate mitigation and provide the money to help farmers adapt to global warming.
India is challenged at WTO over rice and wheat subsidies
Some of the world’s agricultural powerhouses accused India on Thursday of violating world trade rules through exorbitant subsidies for its wheat and rice farmers. India was the ninth-largest farm exporter in the world in 2020, but its success was built on subsidized production, said Australia, Canada, Paraguay, Thailand, Ukraine, and the United States in a WTO filing.
Tight wheat supplies will keep prices volatile
The commonly used estimates of global wheat stocks are imperfect — some countries don’t publish data at all — but they indicate supplies, disrupted by the war in Ukraine, are the tightest since the food price crisis of 2007/08, said a blog by the IFPRI think tank.
Squeeze on Ukraine farmers to grow more severe in 2023
Low producer prices and high input costs will discourage grain production in Ukraine this year, said an IFPRI blog, as the Russian invasion of its neighbor hit the one-year mark. “Reduced plantings in Ukraine mean that the world will need to produce additional grains and oilseeds to help rebuild stocks and moderate price levels,” wrote IFPRI senior research fellow Joe Glauber on Thursday.
Play it again: High and volatile commodity prices in the year ahead
Economic growth and inflation will slow in the coming months, but commodity prices are likely to be volatile as the world’s farmers try to catch up with the global appetite for food, said two leading agricultural economists on Wednesday. “I think that 2023 still looks pretty strong” for U.S. farm income, said Nathan Kaufman, the Kansas City Federal Reserve Bank’s principal expert on agriculture economics.
Winter wheat crop in poor shape amid drought
Only 28 percent of the U.S. winter wheat crop is in good or excellent condition, one of the worst starts for the crop in years, said the USDA's Crop Progress report on Monday. Three-quarters of winter wheat land is in drought, including nine of every 10 acres in Kansas, the top wheat producing state.
Climate change will lower Farm Belt yields ‘as soon as 2030,’ says report
For decades, farmers in the Midwest and Plains have reaped ever-higher yields per acre, but “climate change threatens to slow or reverse this productivity as soon as 2030,” said the Environmental Defense Fund on Wednesday. The “climate burdens” would worsen through 2050, the nonprofit group said in a report.