USDA Cuts Ag Export Forecast for 2022

The USDA cut its farm exports forecast in 2022, blaming weaker soybean demand from China and lower soybean prices. The Economic Research Service says it now expects American ag exports to hit $175.5 billion in the fiscal year 2022, down from the August forecast of $2 billion. The agency says soybean exports will be down […]

FY21 A Good One For Ag Exports

The USDA now has all of the trade numbers from Fiscal Year 2021. As the books closed at the end of September, numbers showed the U.S. exported just over $172 billion worth of Ag products. That’s $32.5 billion more than in 2020. “A good increase and far and away a record,” noted USDA economist and […]

House Ag Committee Hearing on Supply Chain Disruptions

The House Agriculture Committee will hold a hearing on supply chain issues on Wednesday, November 3rd. The hearing, titled “The Immediate Challenges to our Nation’s Food Supply Chain,” will address the wide-ranging supply disruptions in the U.S. food and agricultural sectors. The American Soybean Association led the effort for members of the Ag CEO Council […]

How Are Increasing Input Costs Impact Farmers?

For many growers, these are good times, with high commodity prices. Scott Gerlt, economist with the American Soybean Association, says fertilizer prices tend to move up when commodity prices go up; which is what the American farmer is seeing right now. “For things like that, we’re seeing about a doubling of the price from a […]

Wheat Export Sales Jump to a Marketing-Year High

Export sales of wheat rose week-to-week, while corn and soybean sales in the first full week of the 2021-2022 marketing year were impressive. The USDA said wheat sales to overseas buyers totaled 617,000 metric tons, a marketing-year high point, in the seven days ending on September 9th; 59% higher than the previous week and well […]

USDA Expects Smaller Wheat Crop, Larger Numbers for Corn Soybeans

Late last week, the USDA released its Crop Production and World Agricultural Supply and Demand Estimate Reports. USDA said the U.S. wheat outlook is for reduced supplies, slightly higher domestic use, unchanged exports, and decreased ending stocks. The season-average farm price dropped ten cents to $6.60 a bushel for wheat. Meanwhile USDA is calling for […]

Is This Another Boom Time For U.S. Ag?

The USDA is forecasting net farm income this year the highest since 2013, while net cash income the highest since 2014. And USDA Chief Economist noted at that time, “We were kind of in that boom period there in terms of very strong farm income.” So are we in another boom time for agriculture? Meyer […]

AFBF: Increased Commodity Prices Pushing Net Farm Income Higher

For fiscal year 2021, the Department of Agriculture projects net farm income to increase $18.5 billion, 19.5% over last year’s figure. Veronica Nigh, American Farm Bureau Federation Senior Economist, said that forecast puts net farm income at the highest level since 2013. “We hit a low of $62 billion back in 2016. So, reaching $113 […]

USDA Corn Bean Cotton Numbers Higher Winter Wheat Down

A rise in corn and soybean production, significant increases in cotton production and a drop in winter wheat forecasts. Those are just a few of the takeaways from the August USDA Crop Production Report. Rod Bain breaks down the numbers. If you have a story idea for the PNW Ag Network, call (509) 547-1618, or […]

Barchart Raises U.S. Crop Forecasts on Higher Yields, Cuts Canadian Wheat Prediction

Barchart released its August 2021 Yield and Production forecasts for U.S. crops this week. “Our forecasts for U.S. field crop production have been revised higher on the back of increased yield expectations for both corn and soybeans and are now broadly in line with USDA’s most recent predictions,” says Keith Peterson of Barchart. The U.S. […]