Your Pro Farmer newsletter (June 22, 2024) is now available

Wheat futures continued to slide seasonally, while corn and soybeans followed to the downside. Barring any bullish surprises in USDA’s June 28 Acreage and Grain Stocks Reports, prices could continue to slide, though the extended weather forecast from the National Weather Service calls for increased chances of above-normal temps through September. Drought is expected to develop from southeastern Iowa and northeastern Missouri across the northern two-thirds of Illinois and most of Indiana and Ohio through September, and develop or persist in southeastern Nebraska, most of Kansas and western Oklahoma. The Congressional Budget Office released its updated projections for the federal budget from 2024-34. The new CBO baselines won’t impact farm bill funding for this year, but they could influence negotiations, including any new farm legislation in 2025. We cover all of these items and much more in this week’s newsletter, which you can download here.