Election
Since being confirmed on Feb. 13, Secretary Rollins has been in the Washington D.C., USDA office for a few hours. Most of her time has been spent visiting farmers, ranchers and ag businesses in Kentucky, Kansas and at Top Producer Summit.
Trump recently signed three executive orders imposing tariffs on Canada, Mexico and China. This marks the first time a president has used powers granted under the International Emergency Economic Powers Act of 1977.
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.
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?
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.
Trump’s plans to roll out blanket import tariffs could slam the door on imported vegetable oil supplies, which renewable energy analysts said could in turn lure the U.S. crush industry to revive lagging plans to build new plants and expand capacity.
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.
Jerry Gulke, president of the Gulke Group, says the election might have brought about a paradigm shift in the approach to agricultural policies.
One of the biggest anticipated changes that could impact farms across the U.S. is the possible change to the tax policy under a second Trump administration.
Scott Varilek with Kooima Kooima Varilek says grains are mixed ahead of the WASDE and despite more flash export sales. Cattle futures are under pressure with Choice boxes down over $6 and light cash at $188, also down from last week.
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.
The good news is a Trump presidency and Republican-controlled Senate might result in fewer regulations and lower taxes. The bad news is the U.S. could be headed for a possible trade war with China and other countries.
Mark Knight with Farmer’s Keeper Financial says grains open mixed digesting strong weekly exports and positioning ahead of the FOMC announcement and WASDE.
Biden-era clean energy subsidies would likely survive, but a reduction in offshore wind leasing is likely.
Darren Frye, Water Street Solutions, says it was an impressive that grains, especially the soybean complex, shook off the election results, possible tariff hikes and a sharply higher dollar.
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.
Kevin Duling with KD Investors says grains started off lower with soybeans seeing double digit gains on the possibility of increased tariffs and a trade war with China, then bounced off the lows.
Jeff Hoogendoorn with Professional Ag Marketing says the grain markets were supported by strong demand and the lower dollar but also positioning ahead of the election, FOMC decision and WASDE.
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
Washington insider Jim Wiesemeyer fills the guest’s chair on this episode of Unscripted to share what he’s hearing about the upcoming presidential election. Wiesemeyer offers plenty of insight into key topics such as the impact of early voting and how the next administration can help or hurt the production ag industry.
The October Monthly Monitor reflects cautious optimism in certain areas of agriculture, marked by export strengths and potential price recoveries, but shadowed by long-term rebuilding challenges, weather dependencies and the impact of the upcoming election.
When ag equipment manufacturers start shedding union line workers, shuttering plants and shifting factories to Mexico, and there’s a glut of used equipment covering dealer lots, you know the tide is quickly turning.
As agriculture faces multiple challenges, USDA’s latest net farm income forecast is masking the reality for farmers. While livestock margins have improved for 2024, high input costs and below breakeven prices for row crops means margins could be the worst in nearly 20 years.
Vice President Kamala Harris recently floated this policy to crack down on price gouging, but looking back on a similar plan from the Nixon administration shows not everything needs a second chance.