Your Pro Farmer newsletter (July 29, 2023) is now available

Extreme heat further stressed crops across much of the U.S. last week. That’s likely to lower corn, soybean and spring wheat crop condition ratings that already reflect reduced levels from the broad drought footprint in these production areas. As of July 25, USDA estimated drought (D1 or higher) covered 59% of corn production areas and 53% of soybeans. Drought expanded to cover 43% of spring wheat areas. The Wheat Quality Council HRS tour estimated the North Dakota yield below year-ago but higher than the five-year average, though scouts noted timely rains will be needed ahead of harvest given the dry conditions in northern areas of the state. USDA’s Cattle Inventory Report showed a record-low U.S. cattle herd, while feedlot supplies fell versus year-ago for a 10^th straight month. Meanwhile, both frozen beef and pork stocks dropped more than average during June. On the economic front, the Fed raised interest rates 25 basis points as expected but officials no longer expect the monetary policy tightening cycle to lead to a recession. Our page 4 feature this week is one that’s a hot button topic in Washington and with farmers – foreign ownership of U.S. farmland. We cover all of these items and much more in this week’s newsletter, which you can download here.