A weather pattern known as La Nina created drought conditions, and subsequent wildfires, across the U.S. Great Plains has faded, But its weather cousin, El Nino, may develop, according to the Climate Prediction Center.
As of last week, USDA paid out just over $6 billion of the $16 billion in CFAP payments. One agricultural economist says without the full $16 billion, lower CFAP payments could change net farm income projections.
Despite a wild fall, National Oceanic and Atmospheric Administration (NOAA) expects a warmer-than-normal winter for the western two-thirds of the U.S. They don’t expect any areas with cooler-than-normal conditions.
Unless yields soar to never-before-seen highs, the United States this summer will certainly harvest the smallest corn crop in three years since the production volume may not be padded by a boost in plantings.
Mexico is redoubling its efforts to reach a NAFTA agreement with the U.S. and Canada by the end of August to take heat off incoming President Andres Manuel Lopez Obrador, allowing him to focus on his domestic agenda.