Agri-Pulse DriveTime

The U.S. military continued a 10-day of strikes against Iranian targets in an attempt to see the opening of the Strait of Hormuz. The USDA reports corn condition declined but soybeans improved over the past week. Both crops trail condition ratings one year ago. A former leader of Syngenta will soon join ADM in an executive position.

Many farm groups spent this week in Washington developing policy and meeting with legislators on their priorities for the balance of the legislative calendar this year. This week's Agri-Pulse Newsmakers features Washington Republican Dan Newhouse who supports ag labor reform and additional economic assistance for specialty crop growers.

The House Budget Committee advanced a spending bill providing funds for the war with Iran and economic assistance for farmers. New market intel suggests additional losses for crop farmers in 2027. AFBF President Zippy Duvall says as farms disappear, America’s food security is put at greater risk.

Global conflict in the Persian Gulf have impacted fuel and fertilizer prices for U.S. farmers. Now, conflict in the Black Sea Region between Russia and Ukraine threaten not only fuel but food for the rest of the world. Arlan Suderman with StoneX says some of the worst fears in the market are now being realized.

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.