Your Pro Farmer newsletter (September 16, 2023) is now available

USDA unexpectedly raised its corn crop estimate, despite a yield reduction as harvested acres increased more than analysts expected. USDA cut its soybean crop estimate slightly more than anticipated, but new-crop ending stocks didn’t decline as much as analysts expected. Meanwhile, USDA slashed 2023-24 global wheat production by 6 million metric tons (MMT) from last month. It now expects global wheat production to fall 3.3 MMT from last year, which would be the first annual decline since 2018-19. While global wheat stocks/use is projected to be near record-low, it won’t be price-supportive until demand for U.S. wheat increases. USDA’s cotton crop estimate came in much lower than most analysts expected amid a sharp cut to harvested acres. On the economic front, U.S. inflation jumped in August, fueled by higher energy costs. The Fed is still expected to pause its rate hikes following the Sept. 19-20 monetary policy meeting, but inflation is proving to be resilient. We cover all of these items and much more in this week’s newsletter, which you can download here.