Your Pro Farmer newsletter (May 25, 2024) is now available

The House Ag Committee marked up its farm bill proposal amid partisan battles on the legislature inside and outside of Congress. Before the farm bill gets a chance on the House floor, Speaker Mike Johnson must decide he wants a vote. We look at some of the contentious issues and hurdles to getting a farm bill passed this year. Wheat futures extended their rally last week as crop concerns in the Black Sea region cut production forecasts. While this may not change the fundamentals of the market, it was enough to keep funds aggressively covering short positions. In the U.S., the corn planting pace remains a focal point. After nearly catching up to the average pace as of May 19, heavy rains last week caused more delays. On the economic front, minutes from the latest Fed monetary policy meeting leaned hawkish, meaning interest rates are likely to stay higher for longer amid sticky inflation. We cover all of these items and much more in this week’s newsletter, which you can download here.