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0:00 Farm Bankruptcies Rise
4:57 China Hog Reduction?
6:38 Heat Wave
10:17 North Dakota Wheat Tour
11:27 Ethanol Production
📉 🚨 Farm Bankruptcies Surge
Farm bankruptcies have jumped to their highest level since 2020 📈. With high interest rates, trade war aftershocks 🇨🇳🇺🇸, and slumping export demand, many growers are feeling the squeeze. Total US farm debt is set to hit a record $561.8 billion 💰. While USDA sees higher net income this year, it's largely thanks to government aid 🧾.
🐖 China Cuts Hog Herd & Soymeal Use
China is rebalancing its pork market amid a glut of hogs and falling prices 🐷⬇️. Officials are slashing sow numbers, limiting new capacity, and even pushing alternative protein sources like food waste, insects 🪳, and animal-based proteins 🐟. This is also part of China's move to reduce soybean meal use and lessen dependence on global markets.
🔍 Typical Chinese hog ration: 50–65% corn 🌽, 15–20% soymeal, 5–15% small grains, 5–10% bran/DDGs.
🔥 Corn Belt Heat Dome Persists
A brutal heat dome continues to roast the Corn Belt 🥵. Triple-digit heat indices and warm overnight lows are stressing crops across the region. Relief may not come until next week. Despite the heat, traders seem unfazed—thanks to an otherwise strong growing season 🌱.
🌾 North Dakota Wheat Tour: Mixed Yields
Crop scouts in southern ND pegged hard red spring wheat yields at 50 bpa, down slightly from last year but still above the 5-year avg. Northern fields averaged 47.1 bpa—again lower vs. 2023 but stronger than the 5-year norm. 🌾 Disease risk and wind damage were noted.
⛽ Ethanol Update: Output Slips, Stocks Build
US ethanol production dipped slightly last week, but stocks jumped to 24.44 million barrels 📦. Despite slower output, margins have improved 💹.
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