November WASDE data surprises markets

USDA increased corn and – most surprisingly – soybean yields for the 2023 crops in Thursday’s report, growing the 2023 corn harvest to the largest on record. The 2023 soybean crop, though 25 million bushels bigger than the previous month’s estimates, remains only the seventh largest crop on record. Corn and soybean prices tumbled following the report. Read full report coverage from the Farm Futures team for more insights. – Farm Futures

Weather and climate disasters on the rise

One new billion-dollar weather and climate disaster was confirmed in October after severe thunderstorms brought damaging winds and large hail to parts of the southern Plains from September 23-24. This brings the total to a record 25 disasters in the first 10 months of the year — the largest number of disasters for any year since NOAA has kept track of these types of events. The total cost of the 2023 events exceeds $73.8 billion. – National Oceanic and Atmospheric Administration

Bayer considers breakup of pharma and agriculture business

Bayer AG’s new chief executive said he’s weighing a breakup of the pharma and agriculture conglomerate after disappointing third-quarter earnings. “We are redesigning Bayer to focus only on what’s essential for our mission, and getting rid of everything else,” Anderson said. Bayer reiterated that sales and profit will likely fall this year and said it expects “a soft growth outlook and continued challenges” to profitability for next year. – Bloomberg

New poultry rule adds transparency and accountability

Agriculture Secretary Tom Vilsack announced the Transparency in Poultry Grower Contracting and Tournaments Final Rule to help poultry growers better compete in the market. The rule requires processing companies to provide contracted poultry growers with additional information regarding their terms of agreements, including earnings for growers by quintile and establish minimum flock placements. – Farm Progress

U.S. reduces tariffs on phosphate fertilizers from Morocco

The U.S. Department of Commerce announced it would decrease tariffs for Morocco-based phosphate producer OCP from 19.97% to 2.12%. OCP halted shipments after duties were announced in 2021. The move comes after pushback from farmers who argued the countervailing duties contributed to sky-high prices and short supply following the start of the pandemic. – Agriculture Dive

Financial conditions boost farmer sentiment

The Purdue University-CME Group Ag Economy Barometer rose 4 points in October to a reading of 110. Farmers in this month’s survey were less concerned about the risk of lower prices for crops and livestock and felt somewhat better about their farms’ financial situation than a month earlier. High input costs remain the top concern among farmers for the year ahead, followed by rising interest rates. – Ag Economy Barometer

And just for fun...

Lovett joins Purchase Moore Hamann Bacon initiative

The Iowa Pork Producers Association’s viral “Purchase Moore Hamann Bacon” marketing initiative with Iowa State football players is adding another new member: Linebacker Zach Lovett. Through an NIL (name, image, likeness) deal, Lovett joins fellow Iowa Cyclones encouraging Iowans to purchase pork products, cook more ham and bacon, and of course to love it! – National Hog Farmer