November WASDE data surprises markets
USDA increased corn and – most surprisingly – soybean yields for the 2023 crops in Thursday’s report, growing the 2023 corn harvest to the largest on record. The 2023 soybean crop, though 25 million bushels bigger than the previous month’s estimates, remains only the seventh largest crop on record. Corn and soybean prices tumbled following the report. Read full report coverage from the Farm Futures team for more insights. – Farm Futures
Weather and climate disasters on the rise
One new billion-dollar weather and climate disaster was confirmed in October after severe thunderstorms brought damaging winds and large hail to parts of the southern Plains from September 23-24. This brings the total to a record 25 disasters in the first 10 months of the year — the largest number of disasters for any year since NOAA has kept track of these types of events. The total cost of the 2023 events exceeds $73.8 billion. – National Oceanic and Atmospheric Administration
Bayer considers breakup of pharma and agriculture business
Bayer AG’s new chief executive said he’s weighing a breakup of the pharma and agriculture conglomerate after disappointing third-quarter earnings. “We are redesigning Bayer to focus only on what’s essential for our mission, and getting rid of everything else,” Anderson said. Bayer reiterated that sales and profit will likely fall this year and said it expects “a soft growth outlook and continued challenges” to profitability for next year. – Bloomberg
New poultry rule adds transparency and accountability
Agriculture Secretary Tom Vilsack announced the Transparency in Poultry Grower Contracting and Tournaments Final Rule to help poultry growers better compete in the market. The rule requires processing companies to provide contracted poultry growers with additional information regarding their terms of agreements, including earnings for growers by quintile and establish minimum flock placements. – Farm Progress
U.S. reduces tariffs on phosphate fertilizers from Morocco
The U.S. Department of Commerce announced it would decrease tariffs for Morocco-based phosphate producer OCP from 19.97% to 2.12%. OCP halted shipments after duties were announced in 2021. The move comes after pushback from farmers who argued the countervailing duties contributed to sky-high prices and short supply following the start of the pandemic.