Analysts say this week’s data around planting intentions was not surprising, and economists at the Farm Bureau believe trade issues played a role in the results.
“I think this year might have even more uncertainty than normal around the quickly escalating trade war and the big question marks in the biofuel policy space. These dual concerns and uncertainties with sliding prices as well for soybeans, I think, led to some of the significant drop in soybean acres,” said Betty Resnick.
For most farmers, business is as usual despite the current uncertainty in the industry. While this week’s information from USDA was helpful, one broker says he has his sights set a few months out.
”...The May WASDE report will help us to see our first balance sheets for the new crop, corn and beans, but overall, these numbers will change. We won’t see any major changes until we get that June report,” said Greg McBride.
Another big economic indicator out this week shows that producer sentiment is slipping. This month’s Ag Economy Barometer shows a 12-point drop from last month, and it comes after a 15-point drop in February. Economists from Purdue University say weak expectations for the future led to the decline.
As we start the new year, let’s take a look at some of the legislative items from 2023 affecting agriculture that will continue to play out in the political area for months to come.
January 02, 2024 12:00 PM
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The FAO Food Price Index for October 2023 is out. Where do global food prices stand, and which categories saw the largest gains?
November 03, 2023 01:42 PM
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In today’s production update, Total Acre Farming’s David Hula has an enlightening conversation with Jeremy Rountree about a new, industry-disrupting product from
Brandt Fungicide.
November 02, 2023 12:23 PM
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The failure of a grain elevator can cause large problems for farmers and for the local community it serves. A farmer who knows their rights and where they stand if an elevator fails can be in a better position than those farmers who aren’t as well informed. That is the topic of today’s blog post by RFD-TV Legal Contributor Roger A. McEowen.
October 04, 2023 02:46 PM
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A recent news story involving a group of farmers in Mississippi reveals the potential downside of selling grain under a deferred payment contract. The risk of deferred payment ag commodity sales and what can be done for protection—that is the topic of today’s blog post.
October 02, 2023 03:12 PM
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Is a handshake as good as your word? That is the topic of today’s blog post by RFD-TV farm legal expert Roger A. McEowen — the ability to enforce oral contracts for the sale of goods.
October 02, 2023 01:58 PM
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