Your Pro Farmer newsletter (April 27, 2023) is now available

The wheat market surged amid short-covering as HRW crop conditions further declined, which pulled the corn and soybean markets higher. Any weather-driven rally this spring should be viewed as a selling opportunity as the longer-term outlook remains bearish for corn, beans and wheat. In South America, the focus is fully on corn production. Argentina’s corn crop continues to be threatened by corn stunt disease. Brazil’s safrinha crop is off to a generally favorable start, though timely rains will be needed for later-planted acres over the next couple months. FDA found H5N1 virus particles in some samples of pasteurized milk. While officials reiterated the milk supply is safe, the discovery prompted USDA to mandate testing for the H5N1 virus in lactating dairy cows crossing state lines and also require labs and state veterinarian offices to start reporting of the virus. On the ag policy front, the House GOP is nearing the rollout of its farm bill proposal. Our News page 4 feature this week covers the likely details of the coming plan, including key dates, contentious issues and farmer-friendly changes. On the economic front, the Fed’s expected delay in cutting interest rates is having a global impact, especially in Asia. We cover all of these items and much more in this week’s newsletter, which you can download here.