Agri-Pulse DriveTime

The Senate Ag Committee will reconsider its farm bill proposal tomorrow.Cryptocurrency legislation fails in the U.S. Senate. Winter wheat planting is running behind average and ethanol exports are up compared to last year. 

Legislators are back in Washington with a full agenda and a clock ticking down to the November elections. Farmers and ag interests are in town lobbying for a new farm bill and energy policy. Crops are maturing and the harvest pace is picking up across the nation. 

Soybean traders were caught leaning toward the bullish side of the market as the USDA increased it's estimated production forecast for the season ahead. As expected, the September crop report lowered both the average corn yield and total production. The USDA lowered expectations for Brazilian corn exports and left its Argentine corn forecast unchanged at 63 mmt. 

Crude oil prices continued to climb while stock prices turned lower. Traders see inflation fears pushing the Fed to raise interest rates at its meeting next week. Commodity prices rallied in front of tomorrow's USDA WASDE report. High sulfur prices may be putting agriculture and food security at risk.

Diesel fuel prices are setting records this week just as farmers are ramping up machines to facilitate this year's harvest. The increased expense threatens to offset any relief from the recent bounce in commodity prices. A survey of market analysts suggests traders are expecting the USDA's WASDE estimates Friday will show lower corn and soybean production. 

The nation's agriculture mourns the loss of Iowa soybean farmer, Ray Gaesser. He worked to develop farm policy and support renewable fuel with fellow ag leaders, but was also an advocate for soil health and climate smart ag practices. In a 2023 interview, he gave testimony to conservation tillage on his own farm.

Farmers are turning to practices to improve soil health to maintain nutrients and boost productivity. Soybean leaders say Small Refinery Exemptions were never intended to stay in the nation's renewable energy program.

New estimates suggest better farm income for the year ahead, but input costs continue rising. Reports suggest th EPA is considering eliminating a federal requirement that states notify the public and seek comment before issuing air pollution permits for data centers and other industrial facilities. Private crop estimates expect the USDA to lower crop production in next week's WASDE report. 

Commodity leaders continue to call on legislators to complete work on a new farm bill. John Bode with the Corn Refiners Association has faith in the U.S. trade team and says Canada is too important to ignore as a trading partner and calls on the Trump administration to approve an updated USMCA. 

Conflict between the U.S. and Iran escalated again today further clouding the outlook for safe passage through the Strait of Hormuz.  Agriculture Secretary Brooke Rollins announced plans to modernize USDA data collection. Undersecretary Richard Fordyce says it will be an evolution toward greater accuracy. 

The Trump administration announced it's decision on Small Refinery Exemptions today. The EPA's action on the matter is pending.  Sources say Trump will meet with members of his cabinet and the oil industry tomorrow to discuss how to lower gasoline prices.  Agriculture Secretary Brooke Rollins announces policies to help cattlemen rebuild their herds. 

Fed Reserve Chair Kevin Warsh said the fed may have to take action to address interest rates that are still running higher than target levels. President Trump took aim at the four largest meatpackers today suggesting farmers should be given the right to process their own food. Meat industry officials say food safety is a concern. 

Clean Fuels Alliance America joined a chorus of other members of the Fuels America Coalition in a letter to President Trump warning of plans to increase Renewable Fuel Standard exemptions for small refiners. A Brazilian crop agency expects similar soybean planted agency in the country this year. 

Cattlemen across the country are speaking out against President Trump's plan to import millions of pounds of foreign beef tariff free over the next 90-days. Agriculture leaders say the plan undercuts domestic beef prices, discourages producers from expanding herds and ultimately won't save consumers money for beef in the meat case. 

Delegates of the Indiana Farm Bureau Federation met to discuss policy for the coming year. President Randy Kron says the farm bill and E15 legislation were at the top of the priority list, but debate over data centers took an extended period of time. Kron says it's a challenging discussion. 

U.S. corn and soybean crop condition fell again this week according to USDA's NASS. Crops are advancing to maturity in overall good growing conditions. Farm groups are calling for a resolution to trade friction between the U.S. and Canada.The Trump administration is threatening additional sanctions on Iran and countries that have economic ties to the Islamic regime. UAW employees rejected a contract offer from John Deere. 

American Farm Bureau Federation President Zippy Duvall believes the Senate will approve a farm bill and is hopeful for E15 legislation and additional financial support for farmers. The National Cattlemen's Beef Association strongly opposes President Trump's plan to import beef and sell below market prices. 

A bipartisan group of agriculture leaders discussed the deepening farm crisis today and launched an online platform to gather farmer voices. Former NCGA CEO Jon Doggett says the Congress gets a failing grade.  Thus far field samples this week of corn and soybeans have been underwhelming on the Pro Farmer Midwest Crop Tour.  

Senate Majority Leader John Thune told a farm audience in South Dakota today that Republicans are looking at all options to approving a farm bill. President Trump has made his selection for a the new lead at the Food and Drug Administration. The minutes of the last Fed Reserve meeting showed a divided vote on interest rates. 

Control of the Strait of Hormuz remains in question as President Trump said he has no plans for future negotiations with Iran and threatened Oman for reportedly seeking a deal to manage the waterway with Iran. Ag Secretary Brooke Rollins announced plans to rescind the "roadless rule" for the nation's forests. Canada and the U.S. are attempting to negotiate a trade deal to avoid a significant increase in tariffs. 

Corn and soybean condition declined again last week according to the USDA's Weekly Crop Progress report today. Crops continue to mature at faster than the average pace. The latest update from the Chicago Fed Reserve Bank suggests land values held steady in the second quarter. Farm loans reporting repayment issues have grown this year. 

Opposition continues to mount against the proposed merger between two major rail companies. House Agriculture Committee Chairman Glenn "GT" Thompson says he believes Congress will approve a farm bill and hopes labor reform legislation sees action before the end of the year. 

The Trump administration says more than 40 countries are involved in a scam to bypass U.S. tariffs. A recent report says the U.S. could have lost between $10 and $100 billion dollars. Wholesale inflation dropped last month. The Labor Department's producer price index rose 4.7% from July a year ago. The NWS Climate Prediction Center suggests the current El Nino could be the strongest since 1950.

The USDA's WASDE report today revealed increased acres for both corn and soybean crops. Corn yield per acre fell but total production was forecast above 16 billion bushels. Soybean yield was also down, but production was forecast at a record level. 

The USDA's August WASDE report tomorrow may include smaller production estimates and tighter stocks than previous reports. Acreage reports could be key to the results. Iowa Senator Charles Grassley is hopeful for better results on a new farm bill after the summer recess. 

The USDA reports corn and soybeans continue to mature at faster than the average pace while crop condition remains well below a year ago. House Ag Chair Glenn "GT" Thompson shares his resolve to approve a new farm bill.  The FDA proposed a rule to enhance oversight of substances claimed to be "Generally Recognized As Safe". 

Senate Agriculture Committee Chairman John Boozman told members of the ag media today that he's not done working to get a new farm bill. NCBA's Collin Woodall opposes MCOOL in the Senate farm bill proposal. Agri-Pulse Newsmakers welcomes a new host: Tammi Arunder. 

The same chorus of farm groups calling for the Senate Agriculture Committee to approve a new farm bill were left hoping a compromise might still be found to advance new policy this year. GOP members lacked enough votes to approve their draft proposal. Chairman Boozman left the business meeting in recess with the policy still before the committee. 

President Trump says negotiators are close to a deal that would open the Strait of Hormuz. Senate Agriculture Committee Chairman offers another compromise on SNAP before tomorrow's mark-up session. The meeting could include some challenging amendments to the draft text. 

An exclusive conversation with Senate Agriculture Committee Chairman John Boozman ahead of the consideration of a new farm bill on Thursday. With the absence of Senator Mitch McConnell the votes are even for each party as debate begins on challenging issues. 

President Trump said Iran is down to its last chance to negotiate a settlement to open the Strait of Hormuz and resolve concern over its nuclear program. The American Petroleum Institute opposes the Senate E15 language in the farm bill draft. Corn condition falls and soybean condition remains stead in today's USDA report. 

Mississippi Senator Cindy Hyde-Smith comments on efforts to approve a new farm bill and opening the border to Mexican cattle. The Meat Institute's Julie Anna Potts praises the USDA's efforts to support the industry and protect the herd. USGBC's Ryan LeGrand sees a potential shift in global grain supply. 

Government officials continue to investigate a rapidly growing number of cyclosporiasis cases reported in the United States. The outbreak is impacting consumers at restaurants and for produce prices at grocery stores. Citing a lack of cost-effective alternatives and the agency's own data, some legislators are calling on EPA to approve a popular insecticide. A leading soybean crusher is expanding capacity to meet demand. 

The Fed left interest rates unchanged today despite inflation that's been above the 2 percent target for the last 60 months. Crude oil prices moved higher as the global conflict in the Strait of Hormuz flared again with attacks by Iran. Feeding America's latest update suggests food insecurity is still a major problem nationwide. 

Majority Leader John Thune is considering budget reconciliation as a means to accomplish some goals for the GOP and White House, including financial assistance for farmers. Senator Charles Grassley says work is underway for a stand alone E15 bill. NACD leaders are hopeful for a new farm bill. 

Corn and Soybean crops continue to mature faster than the average pace. Crop condition fell from last week for both crops. U.S. Senator Mitch McConnell has been released from the hospital but is still in rehabilitation and not yet able to return to Washington. USDA data suggests a slight expansion in the cattle herd. 

Legislators in House of Representative made major legislative strides on spending legislation this week before leaving for their August recess. Agri-Pulse's Olivia Bridges says Senate Majority Leader John Thune faces a challenging road to secure the same objectives.  The United Soybean Board has set its budget for the new fiscal year. 

Farm groups are sharing mixed responses to the path for financial assistance and new farm policy. Senate Agriculture Committee Chairman John Boozman sees a path forward for a new farm bill prior to the August recess. Rural broadband advocates are backing new bipartisan legislation aimed at improving the accuracy of the nation's broadband maps. 

Congressional leaders are dealing with separate spending packages prior to the summer break. Funding the government into the new fiscal year, the military and agriculture assistance are all issues at play. Farm and industry groups today commented on crop insurance, a possible sorghum futures contract and proposed packaging materials legislation. 

Senate Agriculture Committee Chairman John Boozman says consideration of the 2026 farm bill largely depends on the return of Kentucky Republican Senator Mitch McConnell to the chamber. Iowa Senator Charles Grassley says options for approving E15 legislation in the Upper Chamber are narrowing by the day. 

The U.S. military continued a 10-day of strikes against Iranian targets in an attempt to see the opening of the Strait of Hormuz. The USDA reports corn condition declined but soybeans improved over the past week. Both crops trail condition ratings one year ago. A former leader of Syngenta will soon join ADM in an executive position. 

Many farm groups spent this week in Washington developing policy and meeting with legislators on their priorities for the balance of the legislative calendar this year. This week's Agri-Pulse Newsmakers features Washington Republican Dan Newhouse who supports ag labor reform and additional economic assistance for specialty crop growers. 

The House Budget Committee advanced a spending bill providing funds for the war with Iran and economic assistance for farmers. New market intel suggests additional losses for crop farmers in 2027. AFBF President Zippy Duvall says as farms disappear, America's food security is put at greater risk.

Global conflict in the Persian Gulf have impacted fuel and fertilizer prices for U.S. farmers. Now, conflict in the Black Sea Region between Russia and Ukraine threaten not only fuel but food for the rest of the world. Arlan Suderman with StoneX says some of the worst fears in the market are now being realized. 

The war in the Middle East heighted again as the U.S. military reenforced the blockade of Iran's ports. A survey of Fed governors suggests a difference of opinion over the future of the nation's interest rate policy. The Brazilian soybean crop harvest is done with record production reported. Heat is taking its toll on U.S. pastures. 

Agriculture leaders from corn and soybean groups are in Washington this week as Senators return from a two week recess. The South Carolina governor has appointed a person to fill the balance of Senator Lindsay Graham's term and is expected to be sworn in this week. Corn and soybean crops show improvement and continue to develop at better than the average pace. 

An escalation in the war between Ukraine and Russia helped move wheat futures higher. The situation has the potential to impact global commodity prices. Agri-Pulse Newsmakers features Cathy Burns of the International Fresh Produce Association who supports proposed revisions to H2A and warns of challenges from state food packaging regulations. 

Ethan Lane with the National Cattlemen's Beef Association says the USDA's rollback on some Biden administration regulations has nothing to do with cattle producers. NCBA supports the Packers and Stockyards act and supports the work of the USDA and industry to eradicate New World screwworm in the U.S. 

The National Corn Growers Association released research suggesting a significant price disparity between input costs paid by farmers in the U.S. compared to those paid by Brazilian farmers. The National Farmers Union opposes the USDA's proposed rollback of some Biden era regulations imposed under the Packers and Stockyards Act. 

Farmer sentiment continues to fall according to the latest Purdue University/CME Group Survey. Media reports say U.S. Senator Mitch McConnell has spoken with Senate leadership. Traders with knowledge of the deals say China has purchased U.S. soybeans. 

U.S. corn condition held steady while soybean condition declined slightly from last week according to USDA.  Dan Basse with Ag Resource Company believes supply and demand factors may be pointing to higher commodity prices for farmers.