Your Pro Farmer newsletter (May 27, 2023) is now available

U.S. corn planting and crop emergence continues to run well ahead of average. While the crop is off to a fast start, futures rebounded last week in what could turn into a summertime rally. The corn market typically rallies at least once during the growing season, with the May to late-June window the most common timeframe. Export demand remains a headwind for corn, soybeans and wheat, as the recent string of poor weekly sales data continued. A surplus of cheap wheat is replacing corn and soybean meal in Chinese feed rations – and reducing demand for imports. The U.S. Supreme Court delivered another major ruling for agriculture, this time siding against EPA’s jurisdiction over water regulations. The broader market focus is on the U.S. debt-limit fiasco, which will come down to the 11^th hour – again. In our page 4 feature we analyze key impacts that could have on agriculture and the writing of a new farm bill. We cover all of these items and much more in this week’s newsletter, which you can download here.