Ag News: Wheat, Corn, Soy Futures Higher
**Futures prices for wheat, corn, and soy have been trending upward since August.
And, according to www.agrimarketing.com, that 6-month trend of rising prices accelerated in the first weeks of 2021, demonstrating stronger price gains in anticipation of USDA's revised production forecasts in January’s WASDE Report.
Hard red winter wheat futures rose 72 cents per bushel, or 13%, during the 30-day period just ahead of the January 12th.
Corn and soybean contracts rose roughly 23% each.
**The House Ag Committee approved a $4 billion debt relief program for socially disadvantaged farmers despite Republican objections it was an unconstitutional form of reverse discrimination.
Chairman, Georgia Democrat, David Scott tells www.agriculture.com, minority farmers deserved help because they’d been overlooked in the mammoth trade war and coronavirus relief programs.
Under the proposal, the government would pay off USDA loans and USDA-guaranteed loans held by socially disadvantaged farmers plus an additional 20% to cover income taxes associated with debt relief.
**Retail fertilizer prices skyrocketed higher in the first week of February, according to prices tracked by DTN.
www.agfax.com reports, all eight of the major fertilizers’ prices were higher, but this time, they’re all up a significant amount, which DTN designates as 5% or more.
According to Dow Jones, rising retail fertilizer prices have also pushed the stock price of fertilizer manufacturers higher as well.