Your Pro Farmer newsletter (Nov. 2, 2024) is now available.

USDA’s initial winter wheat crop condition ratings were the second lowest ever, which suggests acreage abandonment will be high and/or yield will suffer. Rains fell on HRW and SRW areas last week, but more will be needed amid the expanding drought. Other major global wheat producers also have struggles, including Russia, but the market has not responded. The surge in corn and soybean export demand continued, but that also sparked muted price response. Brazil’s soybean planting accelerated after rains fell on central production areas. That could mean less safrinha corn will be planted after the ideal window. On the economic front, the Fed’ preferred inflation gauge rose slightly in September, while Friday’s jobs report may not have given a true read on the labor situation as the data was impacted by recent hurricanes and union strikes. The financial downturn in the ag sector has the focus of lawmakers, lenders and farm groups. How Washington will deal with some of those issues depends on results of Nov. 5 elections and congressional leaders to lead. Our News page 4 feature focuses on the post-election congressional agenda, including key items for agriculture. We encourage everyone to exercise your right to vote on Nov. 5. We cover all of these items and much more in this week’s newsletter, which you can download here.