Your Pro Farmer newsletter (June 3, 2023) is now available

Drought continues to expand eastward and is expected to cover most of the Corn Belt during June. If that forecast verifies, timely rains from July forward will be critical for crop development. USDA’s initial corn crop condition ratings came in below average. We have an in-depth look crop conditions and our analysis of what they could mean for corn yields in our News page 4 feature this week. Meanwhile, Brazilian corn crop estimates are on the rise, with some private forecasters indicating a major increase in production potential. Record Brazilian soybean and corn crop production will result in an active flow of those products onto the world market, which reduces demand for U.S. supplies. Due to lower prices and reduced demand, USDA cut its ag export forecast and the data now implies an even greater ag trade deficit for fiscal year 2023. In Washington, it came down to the 11^th hour, but the White House and GOP leaders agreed to raise the debt ceiling and implement some budget cuts sought by Republicans. We cover the ag-related impacts, including what it could mean for the writing of a new farm bill. All these items and much more are in this week’s newsletter, which you can download here.