Top 5 Things to Watch - Emergency Haying, WASDE Fallout Among Coming Stories

OMAHA (DTN) -- Here are the Top 5 things the DTN Newsroom is tracking for the week of July 9. Watch for coverage of these and other topics throughout the week on our subscription platforms as well as on DTNPF.com.

OMAHA (DTN)-- Here are the Top 5 things the DTN Newsroom is tracking for the week of July 16. Watch for coverage of these and other topics throughout the week on our subscription platforms as well as on DTNPF.com.

1. Market Maneuvers: Last week's WASDE kicked off all kinds of market reactions. The "will he or won't he" on Russian President Putin extending the Black Sea export agreement is also playing with the trade. Watch for the latest in our Markets sections. 

2. Tar Spot Spread: Several areas of Iowa, Indiana, Missouri and surrounding states are seeing outbreaks of tar spot in corn. We're continuing to track the spread of the disease, which can cut yields by as much as 50 bushels per acre. For our latest information on the disease, see Crop Editor Jason Jenkin's story here: 3. Some hay relief: USDA last week approved haying and grazing on some CRP acres due to drought. We're continuing to watch the tight forage and hay situation and will keep you informed on what that means to cattle and dairy. 

4. Be safe in that hay field: In addition to CRP release, many states have opened roadside areas to haying by local farmers. It's a helpful resource, but it also puts hay crews out among speeding vehicles and potentially inattentive drivers. Be safe, use cones, flags or flashers (or all the above) in haying areas and have a guide vehicle on hand when moving equipment and hay bales in and around public roadways.

5. Learning top cuts: The "field to fork" movement, and concern over meat packer concentration, have driven a number of colleges and universities to either start or expand meat cutting education. We'll be looking into where that's happening and if it's keeping up with local slaughter demand. Watch for those stories coming soon.

Monday Watch List

Markets

Back from the weekend, traders will check over the latest weather forecasts and news happenings. USDA's weekly report of export inspections is set for 10 a.m. CDT and will be followed later Monday morning by soybean crush estimates for June from the National Oilseeds Processors Association. USDA's Crop Progress report is set for 3 p.m.

Weather

Daytime thunderstorms will develop across the Ohio Valley and Mid-Mississippi Valley Monday afternoon. Later Monday evening and into Monday night, more storms will develop across South Dakota and Nebraska. Some storms could become strong to severe across Kentucky, southern Indiana, and far southern Illinois Monday afternoon while the main threat for severe storms across the Plains Monday night will be in southwest South Dakota into northeast Nebraska.

Farm Lending Slows as Interest Rates Climb

Farm lending activity at commercial banks in the Kansas City Fed’s district slowed through the first half of 2023 as interest rates continued pushing higher. The volume of non-real estate farm loans at commercial banks declined for the second-consecutive quarter. The survey of commercial banks shows the volume of non-real estate loans was 15 percent below last year, and the drop was attributed to a lower average size of loans and a smaller number of loans compared with 2022. The average interest rates on agricultural loans increased for the sixth-consecutive quarter. The U.S. farm economy outlook has moderated in recent months as risks of more limited profit opportunities have grown alongside softening in commodity markets and elevated production expenses. Broad strength in farm finances has continued to support historically-strong loan performance, but farm profitability will remain important for agricultural credit conditions and lending demand in the coming months.

NCGA: Brazil’s Higher Corn Exports Not a Trend

Brazil is positioned to surpass the U.S. in corn exports this year. However, the National Corn Growers Association says the data shows the trend leading to this development won’t continue. The South American country faces several challenges when it comes to agriculture and trade. “U.S. exports have been hindered by droughts that have affected key areas of the Corn Belt,” says NCGA Lead Economist Krista Swanson. “But the U.S. has several relative advantages in the global corn market that can be harnessed to support our $90 billion corn industry.” The U.S. is bolstered by superior infrastructure and sustainable farming practices. While there is additional pasture area available to expand Brazil’s cropland, efforts are also underway to rein in deforestation of valuable rainforest critical to global sustainability. NCGA is calling on Congress to double farm bill funding for important trade programs like the Market Access Program and the Foreign Market Development Program.

U.N. says 122 Million More People Facing Hunger Since 2019

Over 122 million more people around the world are facing hunger since 2019 due to COVID-19 and repeated weather shocks and conflicts like the war in Ukraine. That’s according to the latest “State of Food Security and Nutrition in the World” report published this week by the United Nations. Several agencies within the U.N. says if the trends remain as they are, the Sustainable Development Goal of ending hunger by 2030 won’t be reached. The latest report shows that between 691 and 783 million people faced hunger in 2022. While the numbers have stalled between 2021 and 2022, there are many places in the world facing increasing hunger. Hunger was still rising in western Asia, the Caribbean, and throughout all the subregions of Africa in 2022. Africa remains the hardest-hit region in the world with one in five people facing hunger on the continent, more than twice the global average.

USDA Investments in Lowering Energy Costs for Rural America

The USDA’s Rural Business-Cooperative Service is making $21 million in technical assistance grants available through the Rural Energy for America Program. The funds will help agricultural producers and rural small businesses access federal funds for renewable energy and energy efficiency improvements. “This will make sure rural Americans get access to the grants to make energy more affordable, create new economic opportunity, and reduce greenhouse gas emissions,” says Rural Business-Cooperative Service Administrator Dr. Karama (kah-RA-mah) Neal. Grant recipients can include state, tribal, or local governments, colleges and universities, electric cooperatives and utility companies, and for-profit and non-profit organizations. “The technical assistance grants will provide hands-on support to farmers, ranchers, and rural small business owners seeking federal funds for renewable energy systems like wind and solar,” she says. “This will help small businesses and producers lower energy costs and strengthen their operations.” Interested applicants should contact their USDA Rural Development state Office for information.

Legislation Would Lower the Cost of Biofuel-Blending Compliance

A bipartisan group of lawmakers wants to lower the cost of complying with biofuel-blending mandates. Reuters says legislation was introduced that would direct the White House to let oil refiners purchase compliance credits (RINs) for biofuel blending laws at a lower cost than they’d pay on the open market. The group behind the bill says it would help struggling refineries stay afloat during a time of upheaval in the energy markets across the globe. Refiners have said for years that the costs of complying with the Renewable Fuel Standard mandates is too high. However, biofuel proponents like ethanol producers and corn farmers say the RFS increases the marketplace for their products. A news release says under the proposal, refiners could buy those biofuel credits at a fixed price only if they aren’t able to purchase them at cost-effective levels on the open market. The bill’s introduction caused RIN prices to drop.