Your Pro Farmer newsletter (June 24, 2023) is now available

Corn and soybean crop condition ratings continue to plunge as drought spreads across more of those acres. Drought now covers 64% of corn acres and 57% of the soybean area. The falling crop condition ratings and rising concerns with crops fueled additional strong gains in corn and soybean prices, while wheat followed to the upside, prompting us to make more marketing moves to capture the price strength. USDA will release its Acreage and Grain Stocks Reports on June 30, which have a history of producing major market moves that can set price trends through summer. Barring any major bearish surprises, focus this year will remain on weather as markets head into the post-July 4 timeframe that typically either accelerates the current trend or reverses the price pattern. On the policy front, EPA issued disappointing RFS mandates for corn-based ethanol and especially biodiesel and could negatively impact investment for the renewable diesel industry. Our news page 4 feature this week looks at the trade relationship between the U.S. and China. We cover all of these items and much more in this week’s newsletter, which you can download here.