USDA issued its outlook for 2023 major crops before the market opened this morning but the reaction to it was slow to develop. Perhaps initially because it didn’t really contain any surprises, and it mostly impacts the long-deferred contracts. Prices have been sky-high, and farmers are going to respond. Most have already bought their inputs and they are getting ready to plant. There was good trading volume, except in soybeans. USDA chose some unsurprising numbers:
Overall area planted to corn, wheat and soybeans will rise 6.2 million acres (3 percent). Wheat area will expand the most, up 8 percent, followed by corn at 2.9 percent, but that is up from last year’s smaller area. Soybean area is unchanged, though assuming...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
