Agri-Pulse DriveTime

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 c...

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.