In the annual USDA Land Values report released last week, NASS reported that the national average farm real estate value in 2023 increased by $280/acres (7%) from 2022 to $4,080/acre. NASS defines a farm as any establishment with $1,000 or more in agriculture product sales. Farm real estate is considered all land, buildings, and homes.…
The significance of the August USDA reports is the shift in yield forecasting from WASDE to NASS. The WASDE estimating procedure is the result of historical yield trends, adjusted to the current year’s climate measurements. Starting in August the yield forecasting responsibility is transferred to NASS, where summer row crop yields are derived from a…
Following a record large Brazilian harvest and historically cheap fob premiums, Brazil continues to export soybeans at a record large pace. Preliminary Brazilian trade data for July showed that Brazil exported 12 MMTs of soybeans, up from 7.5 MMTs last year and above the previous July record of 10 MMTs that was set during the…
ARC on Tuesday highlighted the rapid collapse in Canadian vegetation health, which peaked earlier than normal and looks to fall considerably again in the next 10-14 days amid warmth and near complete dryness across most of Alberta, Saskatchewan, and Manitoba. The attached graphic shows vegetation health compared to average (top) and also compared to last…
Worst-case corn yield scenarios will be avoided following regionally heavy Plains/Midwest rainfall in early July and as the recent bout of extreme heat will have proved to be short lived. However, it’s been an odd growing season and it’s critical crop ratings across the Upper and Eastern Midwest increase measurably to keep intact USDA’s 177.5…
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