Analysis: Corn Futures Fall More Than 30% in 2023

Grain futures ended 2023 significantly in the red, with corn futures suffering their biggest yearly drop in a decade, according to a new analysis by the University of Illinois' Farm Policy website. Wheat and soybeans also posted steep declines in 2024 following bumper harvests in Brazil and resilient Black Sea trade. The most active corn contract was down 31 percent in 2023, while wheat was down 21 percent, and soybeans were down 15 percent. Mike Zuzolo, president of Global Commodity Analytics, adds, "In 2024, producers are going to be a lot more concerned about their input costs, and that is where beans play a much better role for them." The Department of Agriculture also expects soybean acres to increase in 2024, with the November World Agricultural Supply and Demand Estimates report predicting that U.S. farmers will plant 87 million acres of soybeans in 2024, an increase of 3.4 million acres. Corn acres are expected to be 91 million acres, a decrease of 3.9 million acres, according to the USDA.

USDA and USTR Seek New Trade Advisory Committee Members

The. Department of Agriculture and the Office of the U.S. Trade Representative are accepting applications for new members to serve on agricultural trade advisory committees. Members of the committee provide advice to the administration on the implementation and enforcement of existing U.S. trade agreements, negotiation of new agreements, and other trade policy matters. Members of the six Agricultural Technical Advisory Committees, or ATACs, provide technical advice and recommendations on international trade issues that affect specific agricultural commodity sectors. The ATACs focus on trade in Animals and animal products, fruits and vegetables, grains, feed, oilseeds, planting seeds, processed foods, Sweeteners and sweetener products, tobacco, cotton, peanuts, and hemp. Applicants must have U.S. agriculture expertise and international trade experience to be considered for committee membership. Committee members serve four-year terms and represent a cross-section of U.S. food and agricultural stakeholders. Application instructions are available on USDA's Foreign Agricultural Service website. Applications must be received by 5 p.m. ET on January 31, 2024.

SNAP Participation Varied Across States in Fiscal Year 2022

New data released by USDA's Economic Research Service shows that in fiscal year 2022, USDA's Supplemental Nutrition Assistance Program served an average of 41.1 million people per month in the 50 states and Washington, DC. SNAP is the largest domestic nutrition assistance program, accounting for about two-thirds of USDA spending on food and nutrition assistance in recent years. The SNAP participation rate increased nationwide during the COVID-19 pandemic to a high of 12.5 percent of the resident population of the 50 States and DC in fiscal year 2021. The fiscal year 2022 rate fell slightly to 12.3 percent. SNAP participation varies across states because of differences in program administration and economic conditions. In fiscal year 2022, the share of residents receiving SNAP benefits in each state ranged from as high as 24.5 percent in New Mexico to as low as 4.6 percent in Utah. In 35 States, the share was somewhere between eight and 16 percent.

U.S. Demand for Organic Cotton Growing

Demand for organic cotton in the U.S. is growing, but imports continue to pick up the slack of inadequate domestic production. A new project led by Texas A&M AgriLife Research aims to turn the situation around by identifying the challenges and opportunities for U.S. organic cotton growers. The study, Fostering Sustainable Organic Cotton Production in the U.S. Through Research and Outreach on Organic Regenerative Practices, is funded by a $3.5 million U.S. Department of Agriculture National Institute of Food and Agriculture grant. Researchers expect the study to help U.S. organic cotton producers determine how to improve yields, productivity, and sustainability in their existing fields and transition more acreage into organic production. Organizers say, "We want to understand what their production challenges are, how they are managing them, what works and what doesn't, and how their practices are impacting the soil and output long-term."  With no synthetic herbicides allowed, the project will identify other methods that might minimize the tillage needed for weed control.

Workshop Series for Veterans Focuses on Agritourism

Military veterans interested in agriculture are invited to attend a series of on-farm and virtual workshops highlighting farm stores, onsite and off. The course is free for active military service members and military veterans. Hosted by the Center for Rural Affairs, the 11-session series, “Agritourism through Farm Stores,” starts February 19 and runs through August. The workshops will rotate between online classroom sessions and on-farm sessions with an online option. Kirstin Bailey, senior project associate for the Center, says, "During the on-farm sessions, experienced farmers will go through the ins and outs of on- and off-site farm stores, how they set up their on-farm buying experiences, and challenges they have faced." Session topics include obtaining proper equipment, maintaining adequate facilities, setting up purchasing systems, and more. Farmer-leaders with experience in various types of agriculture and agritourism, such as poultry, pork, beef, and beekeeping, will be available to assist participants throughout the course's online platform. Find a detailed schedule, including dates and times of sessions, online.

Minnesota Farm Bureau to Host Urban Ag Conference

State Farm Bureau officials in Minnesota are focusing on urban agriculture with an upcoming conference next week. The Minnesota Farm Bureau will host an Urban Agriculture Conference on the St. Paul campus of the University of Minnesota - Twin Cities on Saturday, January 13. The free event will focus on issues related to urban agriculture, including land access, water access and funding. The event features speakers from USDA, the Minnesota Department of Agriculture, the Minnesota Farm Bureau, state educational faculty, and elected officials from the state. Other topics include roof-top solar arrays, hydroponics, urban planning and urban food systems. Another session will focus on technical assistance on how to apply for grants and other funding. Organizers say they may hold similar events in places like Duluth, St. Cloud and other parts of the state to expand their outreach to urban farmers. Registration for the event is available on the Minnesota Farm Bureau website.

Thursday Watch List

Markets

Weekly U.S. jobless claims and an update of the U.S. Drought Monitor will be out at 7:30 a.m. CST Thursday. The Energy Department's report on natural gas storage is set for 9:30 a.m., followed by the Energy Department's weekly inventory report at 10 a.m. Traders will keep an eye on South American weather and events in the Middle East. .

Weather

A storm system will move out of the Southwest and into the Central and Southern Plains on Thursday, bringing a mix of rain and snow to the region. Other areas of the country will be rather quiet outside of the West, where showers will continue.