Your Pro Farmer newsletter (June 29, 2024) is now available

USDA’s Acreage and Grain Stocks Reports have a history of creating big market moves and this year was no different. We highlight USDA’s planted and harvested acreage estimates on News page 4, while the breakdown of June 1 grain stocks are on the front page of the newsletter. In the wake of the heavy flooding in the northwestern Corn Belt, there have been a lot of questions about USDA’s methodology for assessing crop conditions. We have the answer straight from the head of field crops at NASS. USDA’s Hogs & Pigs Report showed the U.S. hog herd expanded slightly more than anticipated as of June 1 due to a bigger market hog inventory, which suggests slaughter will run ahead of year-ago into early 2025. The Cattle on Feed Report showed the number of calves placed into feedlots unexpectedly rose in May. The Cold Storage Report showed beef and pork stocks declined less than normal in May, suggesting demand didn’t keep pace with supplies. We cover all of these items and much more in this week’s newsletter, which you can download here.