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Upcoming Briefing on September 5th to Address Great Lakes Regional Green Infrastructure
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USDA Raises Corn and Soybean Stockpile Forecasts
This week, the USDA revised the outlook for yield and production of both corn and soybeans. In the monthly World Agricultural Supply and Demand Estimates (WASDE) report, the USDA attributed the higher-than-anticipated results in part to ideal weather conditions.
In regards to soybeans, the report noted that "Soybean production is forecast at 4,586 million bushels, up 276 million on higher yields." It also noted that "[a]s higher production more than offsets lower beginning stocks, soybean supplies for 2018/19 are projected at a record 5,040 million bushels, 5 percent above last month. With larger supplies, crush and exports are raised 15 and 20 million bushels . . . . Ending stocks are projected at 785 million bushels, up 205 million from last month. The U.S. season-average soybean price for 2018/19 is forecast at $8.90 per bushel at the midpoint, down 35 cents from last month."
For corn, "production is forecast at 14.6 billion bushels, up 356 million from the July projection. . . . The season-average corn price received by producers is down 20 cents at the midpoint at a range of $3.10 to $4.10 per bushel."
These increases in yield and capacity come at a tumultuous time for the U.S. agriculture sector as the U.S. continues to exchange volley after retaliatory volley of tariffs with China as well as other major trading partners. U.S. exporters are already facing difficulties from the tariffs. The ship Peak Pegasus, which somewhat-famously
attempted and failed to make port in Dalian before the 25% Chinese tariff on U.S. soybeans was imposed, is currently sailing aimlessly in the Yellow Sea with around $20 million worth of soybeans in tow.
Now that the the soybean yield will be even higher than anticipated, these problems will only get worse. In July, U.S. agriculture export prices had their biggest drop since 2011,
tumbling by 5.3 percent.
For more information, please contact Eric Heath, Senior Policy Counsel for the Mississippi River Basin Program at the Northeast-Midwest Institute.
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Asian Carp Regional Coordinating Committee Website Update
We invite you to explore the updated website, which can now be accessed via phones, tablets, and other mobile devices. With more intuitive navigation and organization, learning about the fight against invasive Asian carp is easier than ever.
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This Week in Washington
The House is not in session this week.
The following are Senate hearings and markups of interest to the region.
Wednesday
The Committee on Energy and Natural Resources' Subcommittee on National Parks will hold a legislative hearing on Wednesday, August 15th, at 4:00 p.m. EDT in Room 366 of the Dirksen Senate Office Building. During the hearing, the Subcommittee will receive testimony on a number of bills, which are listed
here.
Thursday
Next Week
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NEMWI: Strengthening the Region that Sustains the Nation
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