Your Pro Farmer newsletter (Oct. 26, 2024) is now available

The recent flurry of global end-user buying of U.S. corn and soybeans continued, signaling both markets are at value levels. But the price response in futures has been relatively muted. As export activity picks up, there were more restrictions on Mississippi River barge traffic due to the expanding drought. That will slow transit times and could push up shipping costs. The drought footprint across winter wheat country continues to expand and intensify, now covering 58% of the crop’s area. That suggests USDA’s first winter wheat crop ratings will come in below average. Much like the corn and soybean markets, wheat hasn’t responded to supportive news. On the biofuels front, the Treasury Department released updated guidance on the 40B credit, which expires at the end of the year, but nothing yet on the 45Z credit that will take effect Jan. 1, 2025. The uncertainty is causing problems and concerns with biofuels investment. Our News page 4 feature this week looks at updated forecasts for global economic growth from the International Monetary Fund. Both IMF and U.S. Treasury Secretary Janet Yellen warned recent Chinese stimulus measures aren’t enough to rejuvenate the world’s second largest economy. We cover all of these items and much more in this week’s newsletter, which you can access here.