Policy
A one-year extension of the 2018 farm bill, tied to the continuing resolution, has sparked intense negotiations over economic assistance to farmers.
The eroding health of the overall farm economy was the emphasis of the latest Ag Economists’ Monthly Monitor, which is a survey of nearly 70 leading agricultural economists from across the country.
Agricultural groups said over the weekend they do not support year-end spending package sans economic aid for ag producers.
“I know people are concerned about the tariffs, but the fact is, [Trump] looks at tariffs as a way to get their attention and eventually to get better and reciprocal trade agreements,” says Terry Branstad.
As federal policy decisions tend to heavily impact rural industries, the outcome of the 2024 election promises to significantly shape the rural economy in the year ahead. CoBank’s annual report outlines what to expect.
Some economists think agriculture is in a recession. Arlan Suderman, chief commodities economist for StoneX, is one of them. However, he believes comparisons to the 1980s are misguided.
While it’s unclear how Congress will push through the Farm Assistance and Revenue Mitigation Act, it’s likely going to be via the Continuing Resolution. Depending on how payments are calculated, farmers could receive $101 per acre for corn, $53 for soybeans and $73 for wheat.
Trump said he would impose a 25% tariff on imports from Canada and Mexico until they clamped down on drugs, particularly fentanyl, and migrants crossing the border, in a move that would appear to violate a free-trade deal.
In an announcement on Saturday, Trump said her “commitment to support the American farmer, the defense of American food self-sufficiency and the restoration of agriculture-dependent American small towns is second to none.”
Trump taps Howard Lutnick for Commerce Secretary, signaling tariff-heavy trade strategy. Lutnick has called the tariffs a negotiating tool that could be used to convince other countries to bring down their own levies or to force companies to move production to the U.S.
Farm CPA Paul Neiffer says the Senate Farm Bill text includes some big differences compared to the House bill especially when it comes to ARC and PLC programs and modernizing reference prices.
Senate Ag Chair Debbie Stabenow finally released the full text of the Senate farm bill on Monday, but it’s already drawing intense criticism. Even usually optimistic House Ag Chair GT Thompson signaled it’s time to focus on a 2018 farm bill extension by year’s end.
Threats of widespread tariffs and concerns about retaliation continue to stoke uneasiness in agriculture. With a growing trade deficit and hopes the U.S. could re-embark on the Phase One trade deal with China, could the focus back on trade be positive for agriculture?
The Rural Prosperity and Food Security Act, which builds on the proposal Stabenow released in May, includes $39 billion in new resources “to keep farmers farming, families fed and rural communities strong.”
As the list continues to evolve, Robert F. Kennedy Jr. is reportedly playing an active role in the cabinet selection.
With the election now in the rearview mirror, Washington D.C. ag economist John Newton joins Tyne and Clinton on Unscripted to talk about the road ahead for ag producers.
Ag industry groups recognize the crucial role that immigrant workers play in the U.S. food system. They emphasize that these workers often take on physically demanding jobs that many American-born workers are unwilling to do.
Tariffs, while disruptive, are often used as leverage in trade disputes and contribute to market volatility.
“The agricultural economy is inherently cyclical, and ag lenders are navigating the changing conditions across the sectors they serve,” said Jackson Takach, chief economist of Farmer Mac.
Sen. John Thune (R-S.D.) wins Majority Leader race. Sen. Rick Scott (R-Fla.) was eliminated on the first ballot. And Thune beat Sen. John Cornyn (R-Tex.) 29-24 on the second ballot.
Trump stated that Zeldin would “ensure fair and swift deregulatory decisions” to “unleash the power of American businesses.” The administration aims to maintain “the highest environmental standards, including the cleanest air and water on the planet” while pursuing deregulation.
Financial Times reports say President-elect Donald Trump has asked Robert Lightizer to return as U.S. trade representative.
Now that the election results are in, the parlor game of who President-elect Donald Trump will tap to serve on his Cabinet has returned, and there’s a host of possibilities.
Biden-era clean energy subsidies would likely survive, but a reduction in offshore wind leasing is likely.
A “no” vote means the state law in question would be rejected, and that raises fresh questions about the Summit Carbon Solutions pipeline and similar projects.
Trump garnered even stronger support in rural America versus his still robust rural vote in this first administration. That is likely a backlash against the ag policy moves of the Biden/Harris administration that focused on underserved and minority rural citizens.
China braces for continued superpower rivalry regardless of the U.S. election outcome.
Yes, the Fed is cutting interest rates but the agency can only influence mid- and long-term rates. Concerns about inflation are pushing those rates back up again.
Which Presidential Candidate Is More Likely to Tame Inflation or Support Farm Policies and Biofuels?
Ahead of the election, the October Ag Economists’ Monthly Monitor asked economists which presidential candidate will be better for agriculture on taming inflation, providing more certainty on farm policy, as well as more likely to support biofuels policies.
The race tightened over the weekend as the Des Moines Register’s final presidential poll shockingly had Harris up three points in the state, underscoring that the election will be closer than current market expectations