Friday Watch List

Markets

The U.S. Labor Department reports new employment figures for May at 7:30 a.m. CDT Friday. Traders will keep watch over the latest weather changes and try to learn more about the proposed tax change in Brazil, affecting agriculture.

Weather

A quieter weather pattern is in place through most of next week, though we've got one disturbance moving into the Plains for Friday. Isolated showers are possible across the Northern Plains, but the disturbance will move along a stalled front in the Central Plains, with potential for severe thunderstorms across Nebraska and Kansas that may include large hail. Though much of the country is also milder, hot temperatures continue around Texas as well as the West.

Young Farmers Testify on Challenges, Need for Farm Bill

America’s farmers and ranchers are counting on Congress to deliver a new, modernized farm bill. That was the message delivered by Kevin Lussier (LOO-sher), Chair of Farm Bureau’s Young Farmers &Ranchers Committee. “The future of American dairy farming depends on investment in the next generation,” he said. “By increasing access, we can ensure the next generation of farmers have the tools and resources we need to thrive.” He also stressed the need for Congress to pass a farm bill this year. Tessa Parks, a young farmer from Minnesota, testified on behalf of the National Farmers Union. “The farm safety net favors larger and more established farms, land is expensive, and capital is difficult to access,” she said. “Ongoing consolidation limits our access to a fair and open marketplace.” The hearing took place before the Senate Agriculture Committee’s Subcommittee on Commodities, Risk Management, and Trade. Senate farm bill markup is expected soon.

TFI President Testifies on Phosphate and Potash

Corey Rosenbusch, president and CEO of The Fertilizer Institute, gave testimony in the House of Representatives in support of phosphate and potash, two of three essential nutrients for ag productivity. The hearing before the House Subcommittee on Energy and Mineral Resources focused on several bills related to critical minerals, including the Phosphate and Potash Protection Act of 2024. If enacted, the legislation would direct the U.S. Geological Survey to conduct an immediate review to determine the need for adding phosphate and potash to the Critical Minerals List. “As the world population continues growing, it’s imperative that the sustainable production and use of fertilizers continues to provide the ability to grow more food without needing more land on which to grow it,” Rosenbusch said during testimony. Only 14 countries produce potash, with Belarus and Russia providing nearly 40 percent of global production. The U.S. imports roughly 95 percent of its needs.

Farmers Turning to More Soybeans

Many farmers are turning to soybean planting because of a better chance to make a profit this year. Heavy rainfall in many areas is closing the window of opportunity for corn planting. Reuters says the USDA forecast farmers to plant 86.5 million acres of soybeans in U.S. farm country. However, some industry experts predict soybean acres could increase by another one million acres or more thanks to wet weather and soils. Farmers are facing high production costs due to a jump in already-high interest rates, which will take a bite out of most or all of the potential returns on corn this year. In an annual early season crop budget estimate, ag economists at the University of Illinois projected negative average farmer returns in the state for both corn and soybeans, though losses would likely be smaller for soybeans, which require less fertilizer and pesticides than corn.

Farm Rescue Expanding Emergency Efforts for Farmers

Stratovation Group, a marketing and communications firm, has partnered with Farm Rescue, a non-profit that has provided aid to farmers and their families experiencing a crisis since 2005. Stratovation says it will support numerous aspects of Farm Rescue’s communication efforts. “We strongly believe in the work Farm Rescue does to care for farmers and ranchers across the U.S., whether that’s sending in a crew to help with planting on the front end or helping with harvest at season’s end,” says Cam Camfield, founder and CEO of Stratovation Group. “Our media specialists are the best in the world and will help Farm Rescue get the word out about their efforts to aid farmers in crisis.” Dan Erdmann, marketing program manager at Farm Rescue, says they’re continually looking to expand their impact and reach. “We hope that every farmer in need will know we have the resources available to help,” Erdmann says.

NSP Hands Out Sorghum Improvement Awards

National Sorghum Producers presented Michael Lenz and Larry Richardson with awards for Outstanding Achievement in Sorghum Improvement at the Sorghum Improvement Conference of North America. These biannual awards are given at the gathering of the U.S. sorghum research community and acknowledge and honor their exemplary service and achievements in the sorghum industry. Lenz’s career began in several significant roles in prominent sorghum industry companies. His innovative breeding strategies have significantly shaped the sorghum landscape, addressing many critical issues. The second recipient, Larry Richardson, dedicated his career to advancing the sorghum industry through his leadership at Richardson Seeds, where his company became a front-runner in producing food-grade and ultra-short grain sorghum varieties. The award for Outstanding Achievement in Sorghum Improvement dates back to 1961. Recipients include, among others, the forefathers of the modern hybrid sorghum industry. As of today, more than 60 individuals have won the award. Visit sorghumgrowers.com/recognition to view past winners.

Michigan State Develops New Potato

A new genetically engineered potato developed by Michigan State University potato breeder Dave Douches (DOO-shehs) has been granted an exemption from the biotechnology regulations placed on genetically-modified products. The Kal91.3 potato is bred from an MSU potato variety named Kalkaska. The newly developed potato can be stored in cool temperatures for long periods of time without sucrose, the compound that sugar is typically stored in potatoes as getting converted into reducing sugars such as fructose and glucose. Without as many reducing sugars, off-color browning and caramelization can be minimized in the Kal91.3 potato, leading to healthier and higher-quality products, including potato chips. The new potato can also reduce the environmental impact of the growing process without as many fertilizers and pesticides needed to maintain the potato during storage. Many producers store their chipping potatoes at around 50 degrees Fahrenheit to convert sucrose into reducing sugars, but that makes them more susceptible to rot.