The biggest crop-related issue today is not what might happen in the upcoming farm bill; rather, it is what occurred yesterday at the Department of Justice. Attorney General Jeff Sessions rescinded the so-called Cole memo, issued by then Deputy Attorney General James Cole in 2013, and four other Obama-era directives dating back to 2009 that set guidelines of noninterference/nonenforcement regarding federal law within states where marijuana was legal. The chart below, detailing the 2016 per-pound crop prices in Colorado, shows why this is a big deal. The value of marijuana in this state was more than 24,000 times that of alfalfa hay.
Sessions’ memo puts recreational marijuana operations in jeopardy (e.g., the 40-acre operation that...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...
