As farmers gear up for 2023 harvest season, next year’s crop will likely be high on their minds. A Farm Futures August 2023 survey finds that growers are already thinking about strategies to be financially successful in the upcoming year and the results will have important implications for markets. The Farm Futures survey, which garnered 985 farmer responses via email July 15 – August 1, found that farmers expect to plant 93.1 million acres of corn in 2024, down 1% from this year’s acreage. Shrinking revenue prospects amid relatively high costs will likely tighten profit margins for the 2024 crop, giving alternative crops more opportunity for acreage next spring.

Pasta lovers must brace to pay even higher prices for their favorite dish, as drought in Canada and bad weather in Europe damages crops of durum wheat and reduces supplies available to flour millers and food companies. Italy's government called a crisis meeting in May as prices for the staple food jumped by more than double the national inflation rate. With global production of durum wheat headed for a 22-year low, Italy's famed pasta makers have had to turn to unusual suppliers such as Turkey for their main ingredient.

Australia’s wheat production is likely to be lower than forecast after dry conditions and below-average rainfall in some growing regions. The government trimmed its estimate by 3% from June to 25.4 million tons, putting the crop on track for a 36% decline from the record harvest a year earlier, according to the Australian Bureau of Agricultural and Resource Economics and Sciences. Wheat is a major winter crop in Australia with planting from April and the harvest starting in November.

U.S. wheat prices have dropped to the point that next year’s projected crop insurance price is at or below the cost of production, Northwest market analysts say. Soft white wheat ranged from $6.75 to $7 per bushel on the Portland market. “It’s a game of high-stakes poker,” said Dan Steiner, a grain market analyst in Boardman, Ore. “It’s just a dangerous market, a guy’s got to be careful. It’s not like we’ve got buyers lined up.”The crop insurance price last year was $9.50 per bushel. Farmers with 80% coverage had a guarantee for 80% of that price on an average crop. This year, the projected crop insurance price for next year is $7.93.

Join NAWG’s advocacy campaign to engage with legislators on increasing Market Access Program (MAP) and Foreign Market Development (FMD) programs authorized in the Farm Bill. MAP’s authorized funding has not changed since 2006 and FMD funding has remained the same since 2002. Inflation and sequestration have significantly eroded our ability to compete with other countries who are steadily investing more in their agricultural export promotion efforts. Please visit NAWG’s website to participate in the grassroots efforts to make your voice heard.

U.S. Senators Debbie Stabenow (D-Mich), Chairwoman of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, and John Boozman (R-Ark), Ranking Member, are urging the U.S. Department of Agriculture (USDA) to use its authorities under the Commodity Credit Corporation (CCC) Charter Act to support opportunities for American farmers. In a letter to the USDA Secretary Tom Vilsack, Stabenow and Boozman highlighted the need to invest in trade promotion and in-kind international food assistance, both of which support American farmers and producers.

The Natural Resources Conservation Service (NRCS) in Idaho announces an October 6, 2023, application deadline for Fiscal Year 2024 Environmental Quality Incentives Program (EQIP) and Regional Conservation Partnership Program (RCPP) projects. “Farm Bill programs like EQIP and RCPP allow us to provide financial assistance to Idaho’s farmers, ranchers and private timber producers,” said Curtis Elke, NRCS State Conservationist for Idaho. “However, we also offer technical assistance and conservation planning. So, please get in touch with your local NRCS field office and learn more about what we have to offer.”