Department of Agriculture officials dropped corn used to produce ethanol by 375 million bushels in this month’s World Agricultural Supply and Demand Estimates report released Thursday, while raising corn, soybean, and wheat ending stocks.
China, continuing to live up to promises made in the “phase one” trade deal, is working with the U.S. to finalize certification for hundreds of U.S. beef processing plants as well as approve a wide variety of beef cuts and beef products in preparation for a resumption in trade.
Corn futures contracts ended the day sharply lower after Department of Agriculture officials raised 2019/2020 corn yield estimates while lowering soybean yield estimates in the World Agricultural Supply and Demand report Thursday.
In an analysis of dairy supply management policy, American Farm Bureau Chief Economist John Newton says industry coordination to manage the dairy supply “could prove beneficial in the short-run, some reflection should be given on the long-run.”
Chapter 12 farm bankruptcies have hit highs not seen for a decade in some states, setting off alarms, with some wondering whether the farm economy could be headed for a crisis similar to the one that occurred in the 1980s. A deeper look at the numbers tells a different story.
The soybean market in the coming weeks will be focused on China and how it handles its massive demand for the oilseed while at the same time avoiding U.S. supplies facing a 25 percent tariff in the ongoing trade war with the Trump administration.