Your Pro Farmer newsletter (Aug. 3, 2024) is now available

USDA’s crop condition ratings are subjective, but they typically start to mean more in terms of yield potential when the corn crop gets to August. This year’s 68% good/excellent rating at the end of July suggests USDA’s initial yield estimate in the Aug. 12 Crop Production Report will be above trendline. Crop ratings for soybeans also remain above average, though August weather has a major impact on yields. China and France faced more weather struggles amid persistent rains and flooding, while the Australian wheat crop was boosted by July rains. On the monetary policy front, the Fed kept interest rates unchanged but suggested its first cut may come in September. England cut interest rates, while Japan tightened monetary policy in a shift in stance. Our page 4 feature looks at key issues farmers are facing and asking about. We cover all of these items and much more in this week’s newsletter, which you can download here.