Agri-Pulse DriveTime

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. 

As America prepares to celebrate its 250th birthday, agriculture leaders say farmers, ranchers and the food production system play a significant role in national security. Farm groups say farm, trade and labor policy is critical to maintaining a safe and ample food supply. 

President Trump announced today that he will not renew the USMCA trade agreement in its current form. Agriculture Secretary Brooke Rollins today announced a $500 million dollar program to boost domestic fertilizer production. Yesterday's USDA crop forecast continued to support wheat futures. 

The USDA's Grain Stocks report indicated no shortage of old crop supplies of corn, soybeans or wheat. The department's acreage forecast showed no reduction in corn planted area from the March Intentions while soybean acres were higher. House Ag Chair Glenn Thompson introduced legislation offering sweeping reforms to the nation's H2A Program. 

Agriculture groups are anxiously anticipating an ag labor bill being introduced tomorrow. Farmers today lamented the challenges associated with a lack of an adequate workforce. Cases of New World screwworm continue to climb and crop condition of corn and soybeans decline from one week ago. 

President Trump says Iran violated a ceasefire agreement by firing at a cargo ship in the Strait of Hormuz yesterday. Senate Agriculture Committee Chairman John Boozman says he may be willing to compromise on passing SNAP expenses to states with high error rates. 

The Supreme Court ruled in favor of Monsanto and parent company Bayer today verifying  the authority of the Environmental Protection Agency and the nation's existing FIFRA law. Renewable fuel representatives applaud President Trump's push for E15 legislation.  RFA steps in to defend recent RVO numbers from the EPA. 

President Trump says gasoline prices aren't falling fast enough and is pointing fingers at oil companies. A compromise on SNAP program spending may be the key to approving a farm bill in the Senate. A key USDA official says a decision is pending on prevented plant options with crop insurance. 

Senate Agriculture Committee Chairman John Boozman released draft language of a new farm bill. The Arkansas Republican hopes to see language approved and conferenced with the House version. Boozman says additional financial assistance for farmers and E15 legislation will be considered separately. 

The Senate draft of a new farm bill is expected to be released this week. Nutrition spending remains a top obstacle.  The USDA reports 68% of U.S. Corn acres and 66% of U.S. Soybean acres are rated good to excellent as most crops are emerged and some acres enter the reproductive cycle of growth. 

Weather data suggests crop damage from severe weather is running well ahead of the average. Weather patterns suggest the worst may not be over. Despite economic challenges for some Brazilian farmers, the country's overall production may not suffer as a result. 

The Fed kept interest rates steady but markets fell after a number of officials favored one or more rate increases this year. The European Union has taken a major step toward approving new genetic breeding techniques. A report on Brazil's farm economy suggests debt is increasing and foreclosures are climbing.  

A new study authored by S&P Global Energy suggest biofuels could be the catalyst to renewed profitability for farms across the nation. Research suggests crop productivity growth will exceed demand and further challenge farm income potential. Iowa Senator Charles Grassley says time is limited to approve E15 legislation this year. 

Clean Fuels Alliance America applauds the Trump administration's decision on higher Renewable Volume Obligations. Add the Corn Refiners Association to the list of agriculture groups supporting a continuation of the USMCA the trade agreement.

The world is again attentive to an agreement between the U.S. and Iran that would open the Strait of Hormuz and end the military action in the Middle East. Renewable fuel groups appear pleased with the Energy Department's latest version of the 45Z-CF- Greet Model. 

Members of the agriculture industry are sharing the advantages they see from the USMCA trade agreement. Many groups are encouraged to hear ag labor legislation my soon be introduced on Capitol Hill. 

State and USDA officials continue to monitor and try to contain confirmed cases of New World screwworm in the country. Congressman Chip Roy says eradicating the pest hinges on the number of sterile flies available to release in impacted areas.  Dairy farmers are in Washington this week and hopeful for progress on an ag labor bill. 

Members of the International Fresh Produce Association are in Washington this week. Leaders are calling on legislators to resolve labor issues, provide market access for crops and restore funding for fresh produce in government feeding programs. 

The number of confirmed cases of New World screwworm continues to climb in Texas. Soybean condition declined while corn held steady last week. A new study illustrates the relationship between USMCA and consumer food prices.