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Balanced Reporting. Trusted Insights.
Thursday, February 09, 2023
USDA’s latest farm income forecast could provide some ammunition to farm groups and their allies in Congress who argue that soaring production costs are eating into farm earnings while producers have little chance of seeing payments from commodity programs.
Russia’s repeated claims that the Black Sea Grain Initiative only helps wealthy nations have kept Ukraine on the defensive for months. Now, Ukraine is trying to flip the script on Moscow, with support from the U.S., United Nations, Japan, France, Norway and other countries.
In today's WASDE report, USDA increased production and offset some of those gains with higher domestic use. However, USDA did not lower export expectations which may be coming in the months ahead.
The inspection of grain ships entering and leaving the Black Sea is set to resume Thursday now that Russia has resumed participation in the Black Sea Grain Initiative, and that is allowing the United Nations to focus on preventing the Nov. 19 expiration of the agreement.
Some farm groups are calling on Congress to allow farmers to reallocate the base acreage they have enrolled in farm programs, a move that could allow growers to increase their potential government payments.
Drought has spread into regions this fall essential to the Biden administration’s plans to boost wheat production through double cropping, but many farmers who follow the practice in their normal rotations haven’t strayed from their plans to sow winter wheat this fall.
The Department of Agriculture Wednesday lowered its estimates for soybean yields, production and exports for the 2022-23 marketing year while acknowledging that Brazil will likely have a much larger harvest early next year.
Lawmakers are signaling they may be ready to boost funding for ag promotion overseas, and farm groups are hungry for the dollars that they say increase foreigners' appetite for U.S.-grown food.
