Ag producers are more optimistic than last month about the future of the ag economy after a crop price rally, Market Facilitation Program announcement and disaster aid bill boosted producer sentiment in June.
Agriculture Department officials expect farmers to file more than $1 billion in insurance claims for acreage they were unable to plant due to the succession of storms across the Midwest and Mississippi River valley this spring.
Grain traders are still unsure of actual planted cropland after USDA dropped planted corn acres estimates by just over 1 million in its June Acreage report Friday. Many traders find that difficult to believe after farmers in the eastern Corn Belt struggled to plant a crop this spring.
The House Ways and Means Committee advanced a tax bill that would extend the biodiesel tax credit and other items related to blending infrastructure and wind, but the legislation will face objections in the Republican-controlled Senate.
U.S. Trade Representative Robert Lighthizer is trying to convince skeptical Democrats that the U.S.-Mexico-Canada Agreement will do enough to address their concerns over drug pricing and enforcement of labor and environmental standards.
Ethanol producers are hopeful for an increase in year-round E15 gasoline sales after the Trump administration okayed its summertime sale, but consumer demand will likely be modest due to fears of litigation, a lack of blender pumps, and challenges posed by some state regulations.