Global Ag News for Feb 19.2025

TOP HEADLINES

French bird flu vaccine campaign helps poultry output recover, producers say

A bird flu vaccination campaign launched in France in 2023 has enabled the country’s poultry production to recover to levels not seen since outbreaks of the virus wiped out tens of millions of birds, producers said on Tuesday.

Avian influenza (HPAI), or bird flu, is a viral disease that has ravaged poultry flocks worldwide in recent years. There has also been evidence of transmission beyond birds, including dairy cows and farm workers in the United States.

France requires vaccination of ducks, the most sensitive species to the virus, making it the world’s first large poultry exporter to launch a nationwide bird flu vaccine campaign.

But some countries have put restrictions on French imports as a result – concerned that vaccinated birds pose a risk as they may not show signs of infection, meaning it is impossible to determine whether the virus is in a flock.

Despite such trade concerns, the chair of French poultry industry group Anvol, Jean-Michel Schaeffer, said “vaccination is a success”.

“Between last year and this year, all species are increasing because we have avoided major health crises. This has allowed farmers to return to full production,” he told reporters.

In 2024, French poultry output rose 12.1% from the previous year after gaining 2% versus 2022. It is now 1.1% above the “pre-crisis level” of 2019, a year with relatively few bird flu outbreaks, Anvol said.

The French poultry producers’ comments come days after the U.S. Department of Agriculture (USDA) gave conditional approval to Zoetis to use its bird flu vaccine in poultry.

The U.S. had built a poultry vaccine stockpile after major bird flu outbreaks in 2014 and 2015, though the vaccines were never used due to trade concerns.

 

FUTURES & WEATHER

Wheat prices overnight are down 1/4 in SRW, unchanged in HRW, up 2 1/4 in HRS; Corn is up 1 1/4; Soybeans up 2; Soymeal down $0.60; Soyoil up 0.53.

For the week so far wheat prices are up 4 in SRW, up 6 1/2 in HRW, up 8 3/4 in HRS; Corn is up 8 1/4; Soybeans up 4 3/4; Soymeal down $2.60; Soyoil up 1.75.

For the month to date wheat prices are up 45 1/4 in SRW, up 50 1/4 in HRW, up 35 in HRS; Corn is up 24; Soybeans unchanged; Soymeal down $8.10; Soyoil up 1.75.

Year-To-Date nearby futures are up 9.6% in SRW, up 12.2% in HRW, up 7.9% in HRS; Corn is up 9.8%; Soybeans up 4.2%; Soymeal down 4.7%; Soyoil up 20.2%.

Chinese Ag futures (MAY 25) Soybeans up 16 yuan; Soymeal up 25; Soyoil up 52; Palm oil up 88; Corn unchanged — Malaysian Palm is up 169.

Malaysian palm oil prices overnight were up 169 ringgit (+3.75%) at 4673.

There were no changes in registrations. Registration total: 20 SRW Wheat contracts; 71 Oats; 3 Corn; 262 Soybeans; 1,116 Soyoil; 1,462 Soymeal; 105 HRW Wheat.

Preliminary changes in futures Open Interest as of February 18 were: SRW Wheat down 7,316 contracts, HRW Wheat down 12,851, Corn up 27,595, Soybeans up 9,059, Soymeal up 1,957, Soyoil up 500.

 

EXTREME COLD TO PEAK IN THE COMING DAYS ACROSS THE U.S.

What to Watch:

• Well below normal temperatures peaking in the coming days, to be replaced by warmth thereafter
• Snow cover should provide protection to dormant wheat crops

Forecast:

Significant cold anomalies will remain in place across the eastern two-thirds of the U.S. during the next 5 days, with the coldest conditions peaking between 19-20 February. Average anomalies through 5 days in these regions will range between 10-30 °F below normal, with the largest anomalies in and around Kansas. Overnight minimum temperatures are expected to drop below the winterkill threshold of -10°F during this 5-day period in some winter wheat regions. That said, these areas are generally protected at the moment with adequate snowcover, which should limit concerns of damage. Elsewhere, Canada and the Western U.S. will experience modest temperatures during the next 5 days. Warmth will return in earnest across much of North America during the 6-10 day period. Anomalies between 10-20 °F above normal are expected across Canada, the Western U.S., north-central U.S., and Northeast U.S. The eastern Midwest U.S., Mississippi River Delta, and Southeast will be slightly warmer than normal during this time. Uncertainty is very high beyond 10 days, noting elevated model variance. As for precipitation through the next 10 days, dry conditions between 15-50 mm (~0.6 to 2 in) below normal are expected in Oklahoma, Arkansas, Mississippi, Tennessee, Alabama, Georgia, and South Carolina, as well as further west in California. On the other hand, coastal regions of Oregon, Washington, and western Canada could receive high totals up to 125 mm (~5 in) above normal. Modest totals are expected elsewhere during this time. Overall, even with dry conditions in the forecast, the current snowcover is expected to stick around through the worst of the cold temperatures in the forecast across the core winter wheat areas where temperatures are expected to drop below the winterkill temperature threshold. In the Southeast, this dry weather should allow oversaturated areas to dry out some after the last week’s heavy precipitation. Beyond short-term guidance, the latest EC Extended run depicts warm and dry weather prevailing through much of the next 4 weeks.

 

WET SPELLS EXPECTED ACROSS BRAZIL AND CENTRAL ARGENTINA

What to Watch:

• Wet weather in the Pampas, favorable to corn/soybean development
• Wet weather in Center West/South Brazil

Forecast

Discussion: The Madden-Julian Oscillation (MJO) will develop into a Phase 8-1 event near the end of the 15-day forecast. The Antarctic Oscillation is likely to develop into a negative phase and will support dry weather across Southern Brazil. On EC/GFS numerical model performance, the EC has outperformed the GFS over the past month.

Argentina/Paraguay: Warm temperatures (1 °C above normal) are expected across Central/North Argentina during the 15-day outlook. Wet weather (10-80 mm above normal) is expected across the central/south Pampas and North Argentina during the 15-day outlook. Wet weather may favor corn/soybean development across the central Pampas and North Argentina’s belts.

Brazil: Warm temperatures (2-5 °C above normal) will prevail across Brazil during the 15-day outlook. Wet spells (10-140 mm above normal) are expected across Brazil except Southeast (10-75 mm below normal) during the 15-day outlook. Wet weather may delay 1st corn harvesting/2nd corn planting across Center West/South Brazil. Dry weather may be a concern for coffee development across the Southeast, while wet weather may help South/Center West’s soybean belts.

 

The player sheet for Feb. 18 had funds: net buyers of 1,500 contracts of SRW wheat, buyers of 5,000 corn, buyers of 2,000 soybeans, sellers of 1,500 soymeal, and buyers of 5,000 soyoil.

TENDERS

• WHEAT SALE: Saudi Arabia’s main state wheat buying agency, the General Food Security Authority (GFSA), has purchased about 920,000 metric tons of wheat in an international tender, it said on Monday. This was above the 595,000 tons from sought in the tender, it said.
• CORN PURCHASE: Taiwan’s MFIG purchasing group bought about 65,000 metric tons of animal feed corn expected to be sourced from the United States in an international tender on Wednesday
• FEED BARLEY PURCHASE: Algerian state agency OAIC is believed to have purchased animal feed barley to be sourced from optional origins in an international tender last week
• CORN TENDER: Taiwan’s MFIG purchasing group has issued an international tender to buy up to 65,000 metric tons of animal feed corn which can be sourced from the United States, Argentina, Brazil or South Africa
• WHEAT TENDER: Japan’s Ministry of Agriculture, Forestry and Fisheries (MAFF) is seeking to buy a total of 96,160 metric tons of food-quality wheat from the U.S, Canada and Australia in a regular tender that will close late on February 20.
• NO PURCHASE IN WHEAT TENDER: Jordan’s state grain buyer is believed to have made no purchase in an international tender to buy 120,000 metric tons of milling wheat which closed on Tuesday.

PENDING TENDERS

• WHEAT TENDER: Bangladesh’s state grains buyer issued an international tender to purchase 50,000 metric tons of milling wheat
• BARLEY TENDER: Jordan’s state grains buyer has issued an international tender to purchase up to 120,000 metric tons of animal feed barley.
• WHEAT TENDER: The Taiwan Flour Millers’ Association has issued an international tender to purchase an estimated 102,450 metric tons of grade 1 milling wheat to be sourced from the United States.
• Jordan’s state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat which can be sourced from optional origins. A new announcement had been expected by traders after Jordan made no purchase in its previous tender for 120,000 tons of wheat on Tuesday.

 

 

TODAY

NOPA January US soybean crush dips to 200.383 million bushels

U.S. soy processors crushed their second-largest volume of soybeans ever in January, down slightly from a record high the previous month, according to National Oilseed Processors Association (NOPA) data released on Tuesday.

NOPA members, which account for at least 95% of U.S.-processed soybeans, crushed 200.383 million bushels of the oilseed last month, down 3.0% from December’s record crush of 206.604 million bushels but up 7.9% from the January 2024 crush of 185.780 million bushels.

The January 2025 crush fell short of the average estimate of 204.536 million bushels in a Reuters poll of nine analysts. Estimates ranged from 200.000 million to 208.700 million bushels, with a median of 205.000 million bushels.

Soybean crushing rates have ramped up as several new processing plants have come online while other crushers have expanded capacity to meet rising demand for soyoil from biofuel makers.

But a stretch of harsh cold likely curbed plant efficiency last month while historic snowfall and icy roads in several southern states hindered some processors, according to analysts. Burdensome supplies of soymeal also anchored the crush pace at some plants, they said.

Soyoil stocks among NOPA members as of January 31 rose to a six-month high of 1.274 billion pounds, up 3.1% from 1.236 billion pounds at the end of December but down 15.4% from the 1.507 billion pounds in stocks a year earlier.

Analysts, on average, had expected stocks to rise to 1.289 billion pounds, according to estimates from six analysts. Soyoil stocks estimates ranged from 1.135 billion to 1.478 billion lbs, with a median of 1.275 billion lbs.

 

US Inspected 1.611m Tons of Corn for Export, 720k of Soybeans

In week ending Feb. 13, according to the USDA’s weekly inspections report.

• Wheat: 250k tons vs 570k the previous wk, 420k a yr ago
• Soybeans: 720k tons vs 1,097k the previous wk, 1,292k a yr ago
• Corn: 1,611k tons vs 1,355k the previous wk, 1,052k a yr ago

 

US Corn, Soybean, Wheat Inspections by Country: Feb. 13

Following is a summary of USDA inspections for week ending Feb. 13 of corn, soybeans and wheat for export, from the Grain Inspection, Packers and Stockyards Administration, known as GIPSA.

• Soybeans for China-bound shipments made up 210k tons of the 720k total inspected
• Mexico was the top destination for corn inspections, and also led in wheat

 

Texas Winter Wheat Crop Downgraded to 33% Good/Excellent: USDA

The USDA posts Texas winter wheat conditions data on its website for week ending Feb. 16,

• Crop conditions declined by 3 percentage points from the previous week
• Crops rated poor rose by 6 points to 24%
• Texas is the second-biggest producer of winter wheat in the US measured by area planted

 

Soybean harvest progresses to 40% of area in Paraná, says Deral

The Department of Rural Economy (Deral), of the Paraná Department of Agriculture, reported that the 2024/25 soybean harvest had reached 40% of the area cultivated in the state by Monday 17, an increase of 7 percentage points on the previous week. According to the agency, 78% of the crops are in good condition, while 19% are in average condition and 3% were classified as poor. As for the stage of the crops, 42% are fruiting and 57% are ripening.

Harvesting of the 2024/25 first corn crop has advanced to 30% of the cultivated area in Paraná, compared to 21% last week. The survey indicates that 91% of the crops are in good condition, 9% are in average condition and there are no areas classified as bad. As for the phenological stage, 75% of the crops are maturing and 25% are fruiting.

For the 2024/25 second corn crop, Deral pointed out that 56% of the estimated area had been sown, compared to 46% the previous week. Of the crops already planted, 100% are in good condition. Most areas are in vegetative development (73%), while 27% are germinating.

The week was marked by instability in the center-south of the state, with localized thunderstorms due to the hot and humid air. The weekend saw high temperatures and hot weather, with summer showers and isolated thunderstorms.

Deral pointed out that the soybean harvest continues with varied yields, with some regions in the south showing above-average yields. On the other hand, there are records of sub-optimal plants and small grains, which can reduce final productivity.

 

Brazil Soy Exports Seen Reaching 9.72 Million Metric Tns In Feb. Versus 10.1 Million Tns Seen In The Previous Week- Anec

• BRAZIL SOY EXPORTS SEEN REACHING 9.72 MILLION METRIC TNS IN FEB. VERSUS 10.1 MILLION TNS SEEN IN THE PREVIOUS WEEK- ANEC
• BRAZIL SOYMEAL EXPORTS SEEN REACHING 1.91 MILLION TNS IN FEB. VERSUS 1.93 MILLION TNS SEEN IN THE PREVIOUS WEEK- ANEC
• BRAZIL CORN EXPORTS SEEN REACHING 1.28 MILLION TNS IN FEB. VERSUS 1.30 MILLION TNS SEEN IN THE PREVIOUS WEEK- ANEC
• BRAZIL WHEAT EXPORTS SEEN REACHING 521,762 TNS IN FEB. VERSUS 577,937 TNS SEEN IN THE PREVIOUS WEEK- ANEC

 

Brazil to keep mandatory biodiesel blend at 14%, minister says

Brazil’s national energy council has decided to keep the local mandatory biodiesel blend into diesel at 14% from March instead of raising it to 15% as previously expected, Energy Minister Alexandre Silveira told reporters.

Most of Brazil’s biodiesel comes from soybeans after it is processed into soyoil.

StoneX, an agribusiness consultancy, halved its forecast for the annual increase in Brazilian biodiesel sales after the announcement.

Had the mix been increased to 15%, biodiesel sales would havegrown by 1.2 million cubic meters (mcm), totaling demand of 10.2 mcm in 2025.

After extending the 14% blend throughout 2025, the annual growth in sales is now seen at 600,000 cubic meters, with demand expected at 9.6 mcm, StoneX said.

The minister told reporters after a meeting of the council that the mix of the biofuel into diesel would remain at 14% “until further deliberation, which can be taken at any time.”

Silveira cited concerns relative to the price of food as justification for the move. The government has been worried about high food prices, which affected President Luiz Inacio Lula da Silva’s approval ratings.

“President Lula’s government has a big priority: feeding people fairly and minding food prices,” Silveira said.

Abiove, a national oilseed lobby representing global soybean processors, said the decision to maintain the 14% was based on the prices of soybean oil to the final consumer. However, it said the prices of packaged soybean oil, as well as biodiesel, are already falling, reflecting the favorable scenario arising from this year’s record soybean harvest. Abiove said it expects the government to review its decision “as quickly as possible.”

 

Argentina Expected soybean harvest reduced

The lack of rains in January impacted soybean yields in the core region, with the result that, despite the higher sowing, production is expected to be lower compared to last year. “The estimate for soybean 2024/25 is adjusted to 16.5 million tons, with a yield of 32.2 qq/ha, far from last season’s 40 qq/ha. January’s drought broke expectations and left irreversible losses”, states a report from the Rosario Stock Exchange (BCR), signed by specialists Marina Barletta, Florencia Poeta and Cristián Russo.

According to this report, “the drought will be strongly felt in the 2024/25 harvest. The first projection is of 16.5 million tons, far from the productive horizon that was expected at sowing with a normal climate and that allowed to anticipate 19.2 million tons. Although 16% more was sown, as a consequence of the rains arriving late, 1.5 Mt less could be obtained with respect to last year”.

The BCR clarifies that the February rains slowed down the deterioration of the season, although a lower yield of 32.2 qq/ha is estimated, 8 quintals less than last season. All in all, this season would rank 11th in the ranking of the last 15 years, well below the record of 2014/15.

Beyond the productive impact on the agricultural sector, this is an important fact from the macroeconomic point of view, given that the main flow of dollars comes from the countryside and specifically from the soybean segment.

In a context of strong pressure on the Central Bank’s reserves due to the exchange rate appreciation, which boosts imports and trips abroad, and without a clear horizon as to how much money the IMF will deliver, the Argentine economy, as usual, depends heavily on the fate of the soybean harvest.

According to the BCR, “the February rains brought relief, but the soybean crop in the core region was very limited and still needs more rains to sustain this production level. With 55% of the crop in full grain filling, and 45% at the beginning of grain filling, the possibility of recovery is low. Second soybeans face an even more critical scenario than first soybeans in the core region.

 

Indonesia Jan. Palm Oil Exports Fall 20% M/m: Intertek

Indonesia’s palm oil exports fell 20% m/m in January, according to Intertek Testing Services.

• Palm oil exports were 1.525m tons
• Crude palm oil shipments were 25,200 tons
• RBD palm olein shipments were 609,692 tons
• RBD palm oil shipments were 272,916 tons
• Palm oil sales to European Union was 217,784 tons
• Palm oil sales to India was 304,957 tons
• Palm oil sales to China was 198,543 tons

 

Thai Feed Mills Eye $2.8 Billion of US Crops Amid Tariff Risks

Thailand’s feed industry is pitching to buy about $2.8 billion worth of agricultural commodities annually from the US instead of other suppliers, as the Southeast Asian nation seeks to narrow its $35 billion trade surplus and head off possible tariffs on its own exports.

The Thai Feed Mill Association is in talks with the government to ease some rules to make US feedstuffs like soybean meal and corn more competitive to ship in, Pornsil Patchrintanakul, president of the organization, told Bloomberg News in an interview.

Thailand joins a number of nations scrambling to find ways to reduce their trade surpluses with the US, as President Donald Trump wields the threat of tariffs to reshape his country’s relations with trade partners. Countries like India and South Korea are considering boosting their purchases of US energy, while Thailand has already promised to buy more US ethane.

A move to reduce or remove a 2% import tax on US soybean meal, potentially via a trade pact, could immediately incentivize Thai feed mills to switch their purchases from Brazil, Pornsil said. A temporary suspension of WTO-mandated tariffs on corn will also favor supply from the US, the world’s largest producer and exporter of the commodity, he added.

“We’re so open to buying more, but you have to fix these problems for us first. If it works, we’ll make the US a priority,” Pornsil said, adding that importing more American crops is one of the quickest actions his country can take to reduce its trade surplus.

Feed mills under the association have the capacity to buy from the US up to 48 billion baht ($1.4 billion) of soybean meal, 36 billion baht of corn, and 9.9 billion baht of ethanol by-product — a total of $2.8 billion of crops every year, according to data compiled by the association. Thailand currently brings in $68.2 million of American soybean meal and other crops, but no US corn.

Last week, Prime Minister Paetongtarn Shinawatra ordered relevant government agencies to study measures to protect Thailand’s trade interest in the new Trump era, according to government spokesman Jirayu Houngsub. A working group set up last month was tasked with preparing negotiation strategies and will be making recommendations to the cabinet in due course, Jirayu said on Feb. 11.

Thailand has forecast higher feed demand this year at 21.8 million tons, up from 21.1 million tons in 2024. Roughly 60% of the country’s total feed mix — which consists mainly of corn, soybean meal, and wheat — is imported. The industry mostly feeds chickens and pigs and is part of the country’s 900 billion baht livestock supply chain.

Nearly all of Thailand’s soybean meal imports currently come from Brazil, while less than 1% are from the US. Corn is sourced locally and from Southeast Asian neighbors, while wheat comes from Europe. According to the mill association, the country could switch to buying 3 million tons of soybean meal and 4 million tons of corn from the US.

Thailand also imports varying amounts of distillers’ dried grains each year, the majority already coming from the US. If the government reduces or removes a 9% import tax on the ethanol by-product, Thai mills will likely have the capacity to import as much as 900,000 tons per year, according to estimates by the association.

Pornsil warned that Washington may also pressure Thailand, an export-reliant economy, over market access for US pork products — a contentious issue that caused the first Trump administration to revoke $817 million in trade preferences for Thailand in 2020. Currently, US pork cannot enter Thailand due to local laws banning the use of feed additives commonly used in American livestock production.

 

LIVESTOCK SURVEY: US Cattle on Feed Placements Seen Up 2.7%

January placements onto feedlots seen rising y/y to 1.84m head, according to a Bloomberg survey of 11 analysts.

• Estimates range from -1.4% to +6.1% y/y change
• Feedlot herd as of Feb. 1 seen falling by 0.8% y/y to 11.7m head
• Marketings seen rising 2.1% y/y

 

Egypt State Wheat Buyer to Supply 2.7 Million Tons Through April

Egypt’s new wheat-import body is set to provide a total of 2.7 million tons of the grain between January and end-April to the authority that helps administer the nation’s subsidized bread program.

The General Authority for Supply Commodities has already received some 777,000 tons of the total volumes from the Mostakbal Misr Agency for Sustainable Development, GASC’s Vice Chairman Hossam El Garrahi said on the sidelines of the Global Grain and Pulses Forum in Dubai.

The remainder is yet to be delivered to GASC, although some of those volumes have already reached Egyptian ports, he said. Most of the volumes are of Russian origin, coming from private buyers in Egypt, according to El Garrahi.

Egypt is one of the world’s biggest wheat buyers, and state purchases are closely followed by the market to help keep track of global trade. Mostakbal Misr in late 2024 replaced GASC as the body overseeing imports. But the lack of known tenders since then and uncertainty over private purchases has made it harder to gauge flows, especially from key Black Sea suppliers.

The country’s total wheat imports in the 2024-25 season are expected to reach 12.5 million tons, the US government estimates.

 

EU 2024/25 soybean imports up 11% by February 16, rapeseed up 13%

The European Union’s soybean imports for the 2024/25 season, which began in July, reached 8.62 million metric tons by February 16, up 11% from the same period a year earlier, according to data published by the European Commission on Tuesday.

EU rapeseed imports in the same period totalled 4.22 million tons, up 13% year on year. Meanwhile, soymeal imports rose by 27% to 11.99 million tons.

EU palm oil imports totalled 1.78 million tons, down 21% from a year earlier.

However, the Commission said export data for Italy has not been complete for the past 10 weeks. Export data for France has not been complete since the start of 2024, while export data for Bulgaria and Ireland has been incomplete since the start of the 2023/24 marketing year.

 

Malaysia keeps March crude palm oil export duty at 10%

Malaysia has maintained its March export tax for crude palm oil at 10% and lowered its reference price, a circular on the Malaysian Palm Oil Board website showed on Wednesday.

The world’s second-largest palm exporter calculated a reference price of 4,390.37 ringgit ($988.38) per metric ton for March. The February reference price was 4,817.70 ringgit a ton.

The export tax structure starts at 3% for crude palm oil in a 2,250 to 2,400 ringgit-per-ton range. The maximum tax rate is set at 10% when prices exceed 4,050 ringgit a ton.

 

Bird flu detected at farm in Belgium – authorities

A case of bird flu has been detected in a chicken farm in the Belgian province of Oost-Vlaanderen, Belgian and Dutch authorities said on Tuesday.

Belgium has imposed a protected zone around the farm, which produces eggs in Sint-Gillis-Waas. Dutch authorities said they are also monitoring the area, which is near the Belgian-Dutch border.

 

Alicia Bárcena backs ban on transgenic corn; seeks to protect Mexico’s native species

The constitutional reform proposed by the Executive seeks to protect native corn from a gene of a species different from corn, said Alicia Bárcena, Secretary of the Environment and Natural Resources (Semarnat), in a meeting with members of the Constitutional Points Commission of the Chamber of Deputies.

“We do not want transgenic crops, transgenic is to bring a gene from a different species to corn, and we do not want that because what happens? These transgenics will erode our native species, they will replace them, but they will be less productive, that is what has been demonstrated in the field”, she explained.

The federal official also made a call to the deputies so that after the approval of the constitutional reform to prohibit the cultivation of transgenic corn, they work and approve modifications in secondary laws on the matter, such as the Biosecurity Law.

“Its cultivation must be free of genetic modifications with techniques that overcome natural barriers, that is what we have to protect it from and, of course, especially from reproduction, recombination and that all the use of genetically modified corn is regulated by the safety law, we have a biosafety law in Mexico, that is the law we have to develop, that is what we have to take forward in secondary laws and work on it”, she said.

The head of Semarnat assured that corn coming from the United States is not comparable, in terms of quality, to Mexican corn, and for this reason it is necessary to protect it through a reform to the Constitution.

“This constitutional reform initiative seeks to protect native corn, agrobiodiversity, cultural diversity and food sovereignty, to constitutionally recognize corn as an element of national identity and food sovereignty. Truly, Mexico is responsible for what happens to corn in the world, that is why it is so important, I could even tell you that a state in the United States that sends us corn does not have the biodiversity that a crop of our peoples has, it is not comparable”, said Bárcena.

 

Weather Cost U.S. Farmers $20B in 2024

Bad weather–be it heavy rain, drought, or other natural disasters–cost U.S. farmers roughly $20.3 billion in 2024, according to data compiled by the American Farm Bureau Federation. The group, sourcing data from the USDA’s Risk Management Agency, says that excessive drought or heat was the biggest reason for losses among farmers, with $11 billion in that damage reported. Damage from excessive rainfall or hurricanes cost farmers another $6.8 billion in 2024. Broken down into states, Texas farmers suffered the biggest losses, costing them roughly $3.5 billion. This marks the third consecutive year that Texas farmers led losers, says the AFBF–with losses to the state’s cotton crop being a primary reason.

 

 

 

 

Interested in more futures markets?  Explore our Market Dashboards here.