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Shining Light on Farm & Food Policy for 20 Years.
Thursday, December 26, 2024
A possible relief package for farmers is in play as lawmakers return to Washington the first time since Donald Trump's sweeping victory, and Senate Republicans are set to elect a leader who will be critical to carrying out the president-elect's legislative agenda.
Farmers’ outlook dimmed sharply in August as commodity prices dropped amid prospects for bumper crops this fall, according to the latest Purdue University-CME Group Ag Economy Barometer.
The Congressional Budget Office is increasing its cost projections for farm bill programs due to lower estimates for some future market prices The commodities expected to see significantly higher payments over the next 10 years than previously estimated include cotton and dairy.
The World Bank projects that agriculturalcommodity priceswill drop 7% this year and likely fall again in 2024, providing some relief from global food inflation.
Farm input costs are likely to remain at elevated levels well after commodity prices come off their historic highs, and farm bill programs could provide only limited help, economists warned lawmakers Thursday.
Farmer sentiment improved in April with commodity prices spiking amid Russia’s war in Ukraine, but producers increasingly worry about the steep increases in input costs, a monthly survey shows.
