Big corn and soybean crops in 2023, but lower farm-gate value
The price U.S. producers get for corn and soybeans, the two most widely grown crops in the country, will fall 16 percent compared to last year’s harvests due to a steep drop in commodity prices, according to USDA data. The season-average price for corn was forecast to be $1.70 a bushel below the near-record prices paid for the 2022 crop, and soybeans were expected to be $1.50 a bushel below last year’s price.
Food insufficiency grew when SNAP benefits shrank
Two million SNAP households “faced food insufficiency” following the nationwide termination in March of so-called emergency allotments enacted during the pandemic, said researchers from the University of Pennsylvania medical school.
TODAY’S QUICK HITS
USDA aids at-risk borrowers: An estimated 3,500 financially distressed producers will receive financial assistance if they owe money under a USDA-guaranteed farm loan and if they did not receive aid under a 2022 assistance plan. (USDA)
Russia stops cargo ship: A Russian warship fired warning shots and dispatched soldiers to board a cargo ship in the Black Sea that it claimed was heading for the Ukrainian port of Izmail, said the Russian Ministry of Defense. (CNN)
Farm leader accused of assault: The Utah Farm Bureau said its president, Ron Gibson, was taking a leave of absence after being arrested on charges of hitting one of his farmworkers; there are allegations of fraud and human trafficking as well. (Salt Lake Tribune)
Direct-air carbon capture: The Energy Department will provide $1.2 billion to advance development of two commercial-scale direct-air carbon capture facilities in Texas and Louisiana with the goal of kickstarting a nationwide network of carbon capture sites. (DOE)
Drought hinders Panama Canal: The operator of the Panama Canal is limiting the number of ships that pass through the canal each day and the tonnage they carry because drought has reduced the water supply. (Reuters)
ON THE CALENDAR
Monday
State and provincial agricultural officials from Canada, Mexico, and the United States meet at 2023 Tri-National Accord, through Wednesday, Saskatoon, Canada.
National Conference of State Legislatures holds 2023 Legislative Summit through Aug. 16, Indianapolis.
USDA releases weekly Crop Progress report, 4 p.m. ET.
Tuesday
Deadline under court agreement for EPA to say if it would tighten water pollution standards for large livestock and poultry farms, a goal pursued for years by environmental groups. Only three in 10 of the largest factory farms are regulated at present, said Food and Water Watch.
Thursday
USDA releases biennial Farm Computer Usage and Ownership report, and monthly Livestock, Dairy, and Poultry Outlook report, 3 p.m. ET.
U.S. Apple Association holds Outlook 2023, through Friday, Chicago.
North American Meat Institute holds Meat Industry Food Safety Conference, through Friday, Denver.
Federation of Southern Cooperatives/Land Stewardship Fund holds 56th annual meeting, through Saturday, Birmingham, Alabama.
Friday
USDA releases monthly Cattle on Feed report, 3 p.m. ET.
