Complex Competition Issues and Grain Council Report Down
From the Ag Information Network, this is your Agribusiness Update.
**The USDA announced the next steps in addressing the complex competition issues in ag markets and create a fairer playing field for poultry growers and farmers.
The proposals called the “Poultry Grower Payment Systems and Capital Improvement Systems” would address a range of abuses that have occurred in relation to grower ranking payment systems, or “tournaments.”
This rule is the third in a suite of Packers and Stockyards Act rules.
**The International Grains Council released its Grain Market Report that shows a reduction in the forecast for world total grains production.
Wheat and coarse grains, for 2023-24 are now at 2.297 billion metric tons, down 4 million metric tons month-on-month.
The forecast for global grain trade in 2023-24 is up eight million metric tons, driven by larger wheat and maize flows.
**Farmers’ outlook improved in May as the Purdue University/CME Group Ag Economy Barometer Index rose to 108, a nine-point increase from April.
The Index of Future Expectations climbed 11 points to 117, and the Current Conditions Index rose six points.
The Future Expectations Index boost reflects farmers expecting conditions to improve, although it’s clear that 2024’s financial challenges are still a concern.
A rise in crop prices from the April survey’s date to mid-May played a role in boosting farmer sentiment.
