Farm Bill
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 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.
Some long-time Washington contacts still give the odds of a farm bill this year at only 15%.
Farmers and lawmakers are focused on disaster relief, economic aid and completing the farm bill.
John Newton, former Senate Ag Committee economist and now executive head at Terrain, highlights three priorities and a timeframe for a final farm bill.
Despite lawmaker chatter this week about various high-level meetings regarding a new farm bill, the same issues remain.
Senate Ag Chair Debbie Stabenow (D-Mich.) is pushing to finalize a full five-year farm bill rather than pursue an ad hoc emergency assistance package for farmers, despite pressure from commodity groups and some lawmakers.
There is uncertainty about the Farm Bill’s progress due to potential changes in the political landscape. One thing is certain: farmers need a new Farm Bill.
FAPRI Updates Ag Baseline Projections, Painting a More Negative Picture for Soybean Prices Than USDA
In the absence of new shocks to the weather, the macroeconomy or policy, FAPRI projects prices will generally remain near current levels over the next five years.