Pro Farmer

Gold prices are headed for their biggest weekly loss in six years due to war in the Middle East boosting energy and reducing expectations for central bank interest rate cuts. The precious metal has dropped every week since the U.S. and Israel attacked Iran last month, with bullion trading near $4,675 an ounce, down about 7% this week. Despite the recent pullback, gold remains about 8% higher this year, with some analysts suggesting a temporary drop in prices may boost central bank buying once more.

JBS strike in Greeley, Co. enters day 4 after press conference Wednesday. Workers who spoke at the event Wednesday near JBS USA corporate offices talked about the physical demands of their jobs, and why they want safer gear and working conditions. The strike involves about 3,800 workers at one of the nation’s largest meatpacking plants. Union leaders and employees gathered on Wednesday for the press conference. The strike began on Monday morning at the JBS plant in Greeley, where workers have been picketing near the facility’s main entrance. Chants of “Sí, se puede,” or “Yes, we can,” echoed throughout the demonstration, reflecting ongoing solidarity among workers. The press conference also featured a new voice supporting the strike: Kansas rancher Mike Callicrate, who said he traveled from St. Francis to stand with workers and to speak out against corporate practices in the beef industry.

Federal Reserve officials left interest rates unchanged and maintained expectations of one rate cut this year, acknowledging increasing uncertainty due to the war in the Middle East. The Federal Open Market Committee voted 11-1 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. Governor Stephen Miran dissented, calling for a quarter-point reduction.

The Trump Administration is expected to grant a 60-day Jones Act waiver, limited to energy products and fertilizers, industry sources told @JarrettRenshaw. Additional information will be available from Customs and Border Patrol later today. Diesel prices are averaging over $5 nationwide and fertilizers continue to push higher, though U.S. nitrogen prices are still competitively priced on the world market.

The Fed’s rate-setting Federal Open Market Committee begins a two-day policy meeting Tuesday, in which it’s fully expected to leave interest rates on hold as it waits to see how the sharp runup in oil prices resulting from the Iran war plays out in terms of fanning inflation and slowing economic growth. Fed Chair Powell “is likely to acknowledge risks of stagflation, while emphasizing a wait-and-see approach,” wrote economists at Bank of America Global Research, in a note.

In this morning's First Thing Today: --Nationwide average diesel price above $5 a gallon for first time since December 2022 --South American crop estimates steady --Fed expected to take 'wait-and-see' stance amid stagflation fears profarmer.com/news/first-thi…

Wendy Cutler, a former U.S. trade negotiator, told the South China Morning Post that while a Trump-Xi summit delay wouldn't be “ideal”, it shouldn't be viewed as a setback in relations if both sides quickly agree on another mutually convenient date in the not-too-distant future. “Both sides privately must be somewhat relieved as they could use more time to flesh out possible deliverables for a leaders’ meeting,” she said.

CBS News reports that President Trump has invited farmers and biofuels producers to the White House for a big event next week as the industry awaits the government's announcement on mandates for the fuel additives. Reuters reports that it remains unclear whether the event will coincide ​with the final rule being released.

May soybeans limit down on fears of Trump-Xi summit delay profarmer.com/may-soybeans-l…

Soil moisture remains historically low as planting approaches. Here's how the drought in cotton country stacks up. profarmer.com/cotton-country…

The Pro Farmer Podcast breaks down the soy complex selloff after President Trump's threat to delay China summit, while workers begin long threatened strike at JBS packing plant in Greeley, Colorado... profarmer.com/news/pro-farme…

As farmers focus on changes to crop insurance ahead of the March 16 deadline, @BenRand10 says some of the most valuable risk tools have existed for years, but there are also key changes farmers shouldn’t overlook.

Who owns the Heartland? New data reveals more than half of principal landlords having never farmed and a third now aged 75 or older. profarmer.com/news/1-7-trill…

“The key uncertainty in 2026 is how long the Strait will remain closed. A prolonged closure could push fertilizer prices toward or beyond 2022 peaks, compressing farm income margins in ways that 2022 did not.” -- NDSU Ag Trade Monitor

NOAA and CPC issue an official El Niño watch with a 62% chance of forming by late summer. Meteorologist Drew Lerner says the extreme forecasts may be overstated. profarmer.com/news/agricultu…

In this morning's First Thing Today: --Grain markets see corrective selling overnight --Snowy, windy weather in Plains, upper Midwest --Slovakia’s largest fertilizer producer cutting output due to high nat gas prices profarmer.com/news/first-thi…

Strait of Hormuz fertilizer shock could squeeze farm margins in way that 2022 price spike did not, warns NDSU's monthly trade monitor profarmer.com/news/agricultu…

The March 10 drought monitor shows 76.7% of the U.S. is experiencing abnormal dryness or drought, down .3% from the previous week, with 54% in D1 level drought or higher, down .8%. Currently 46% (down 5%) of corn acres are in D1-D4 drought with 47% (down 6%) of soybean acres, and 55% (down 1%) of winter wheat acres also impacted. profarmer.com/news/agricultu…