Your Pro Farmer newsletter (September 9, 2023) is now available

Analysts expect USDA to cut its corn and soybean crop estimates in the Sept. 12 Crop Production Report following hot, dry conditions in late August/early September. The September crop estimates will include USDA’s first objective yield (field) samples for corn and soybeans. NASS will also adjust acreage if needed. The year-to-year change in crop condition ratings at the beginning of September, our Crop Condition Index ratings and Crop Tour data suggest USDA will reduce yields to about 174.0 bu. per acre for corn and 50.0 bu. for soybeans this month, though we expect final yields to decline even more. El Niño conditions are causing issues in other areas of the world, including Asia and Australia, where crops have been impacted by volatile weather. Meanwhile, the U.S. posted another record ag trade deficit in July and USDA’s projections call for a deepening deficit through fiscal year 2024. Trade policy and impacts to exports in particular are a concern for agriculture. We take a look at key trade policies and happenings in this week’s News page 4 feature. We cover all of these items and much more in this week’s newsletter, which you can download here.