Check our advice monitor on ProFarmer.com for updates to our marketing plan.
Soybean cash-only marketers: Increase 2023-crop sales... Soybean futures are struggling to gain traction. With the old-crop marketing year winding down, we advise soybean cash-only marketers to sell another 10% of 2023-crop to get to 80% priced. We’ll finish old-crop sales by the end of the marketing year on Aug. 31.
Corn producers: Increase 2023-crop sales... Corn futures are struggling to find any sustained buyer interest. With the old-crop marketing year winding down, we advise corn hedgers and cash-only marketers to sell another 10% of 2023-crop to get to 80% priced. We’ll finish old-crop sales by the end of the marketing year on Aug. 31.
Pork exports slump in June... The U.S. exported 524.1 million lbs. of pork during June, the smallest total for the month since 2020. Pork exports declined 60.6 million lbs. from May and were 59.7 million lbs. (10.2%) less than June 2023. Through the first half of this year, U.S. pork shipments totaled 3.567 billion lbs., up 111.3 million lbs. (3.2%) from year-ago, fueled by increases to Mexico, South Korea and Colombia, which more than offset declines to other top trading partners.
U.S. beef exports totaled 263.5 million lbs. in June, up 4.6 million lbs. from May but 6.4 million lbs. (2.4%) less than last year. For the first six months of the year, beef shipments totaled 1.515 billion lbs., down 70.9 million lbs. (4.5%) from the same period last year. Of the top five trading partners, beef exports only increased to Mexico during the first half of the year.
Chinese soybean, soymeal stocks remain elevated... Soybean stockpiles at Chinese crush plants totaled 7.34 MMT as of Aug. 2, up 16.7% from last month and 42% above year-ago, according to the China National Grain & Oils Information Center. Chinese soymeal stocks rose to a record 1.45 MMT, 31.8% higher than a month ago and 63% more than last year.
Expected heavy soybean arrivals at ports this month and restricted feed demand from the livestock sector will likely keep soymeal stockpiles at record levels into fall.
More reaction to Harris’ choice of Walz as running mate... Vice President Kamala Harris’ running mate, Minnesota Gov. Tim Walz, is drawing a mixed reaction from Minnesota’s farming community. While some farm groups have expressed optimism about Walz’s vice-presidential nomination, others remain skeptical due to past remarks and policies. His 2017 comment referring to rural Minnesota as “mostly rocks and cows” has resurfaced and continues to be a point of contention, especially among farmers and rural constituents.
· Minnesota Farmers Union: The organization views Walz’s experience and relationships as beneficial for agriculture. Stu Lourey, the government relations director, emphasized that Walz’s depth of knowledge and experience would serve the agricultural community well.
· Minnesota Farm Bureau: President Dan Glessing acknowledged Walz’s understanding of agriculture due to his background representing Minnesota’s 1st Congressional District, a rich agricultural area. However, he also highlighted the need to continually remind Walz of the importance of agriculture and rural Minnesota.
Aussie forecasters: Neutral ENSO into fall... Sea surface temperatures (SSTs) in the central equatorial Pacific Ocean are ENSO-neutral and likely to remain that way into the southern hemisphere spring (northern hemisphere fall), according to the Australian Bureau of Meteorology. While the forecaster says the outlook remains at La Niña Watch, that only means there is about an equal chance of ENSO remaining neutral or La Niña developing during the remainder of 2024.
Bunge to develop safflowers for renewable fuels with Moolec... Commodities trader Bunge Global SA and molecular farming company Moolec Science SA will jointly edit genes in safflowers with a view to making the oilseed better for biofuels. A joint venture between the Argentine units of the two companies aim to “unlock all the potential of safflowers” by developing strains that bolster the crop’s productivity for use in biofuels and other markets.
Commerce urged to carefully review 2,4-D dumping investigation... A bipartisan and bicameral group of lawmakers is urging the Department of Commerce to “carefully review the facts” in its investigation into whether preliminary duties should be imposed on imports of the herbicide 2,4-D from China and India. This request follows the U.S. International Trade Commission’s (USITC) affirmative preliminary determination of injury in antidumping and countervailing investigations regarding the herbicide. The lawmakers expressed concerns that imposing tariffs on 2,4-D imports could jeopardize reliable and affordable access to essential agricultural inputs. They highlighted that 2,4-D is widely used on various crops and in lawn and garden care, allowing farmers to adopt innovative conservation practices, reduce tillage and support soil health. Additionally, the lawmakers pointed to a forecast 25% decline in U.S. farm income for 2024 compared to 2023, arguing that new tariffs would further strain producers who rely on this critical input, worsening their economic challenges. The determination on preliminary duties is expected in September.
EPA takes emergency action to ban DCPA... For the first time in 40 years, the Environmental Protection Agency (EPA) has taken emergency action to halt the use of a pesticide linked to serious health risks for unborn babies. The emergency order, issued on Tuesday, targets dimethyl tetrachloroterephthalate (DCPA or Dacthal), an herbicide used on crops like broccoli, Brussels sprouts, cabbage and onions. Exposure to DCPA can alter fetal thyroid hormone levels, potentially leading to low birth weight, impaired brain development, decreased IQ and impaired motor skills.
EPA’s Assistant Administrator for Chemical Safety and Pollution Prevention, Michal Freedhoff, emphasized the urgency of removing DCPA from the market, citing its severe dangers to pregnant women and their unborn children. The agency’s action comes despite the sole manufacturer, AMVAC, attempting to avoid the ban by voluntarily discontinuing DCPA products used on turf, which reduced risks to golfers, athletes and turf field workers. However, EPA deemed this measure insufficient to protect farmworkers and others from the pesticide’s harmful effects.
BOC noted risks of weak consumer spending... Ahead of their decision to cut rates last month, Bank of Canada (BOC) governors fretted that consumer spending in 2025 and 2026 could be significantly weaker than expected, minutes of the meeting showed. BOC lowered its key overnight rate by 25 basis points to 4.5% on July 24, its second cut in as many months, and indicated it was increasingly concerned about the chances of weaker-than-expected growth.
The bank said lower borrowing costs could boost consumer expenditure, “but many households will still face significant debt-servicing costs,” which could dampen a rebound in consumer spending for the next couple of years.