Economy

Farmers and 401(k) holders are certainly breathing a sigh of relief after President Donald Trump paused his reciprocal tariffs. But two steep tariff increases on China in the last two days will still deal a huge blow to some ag sectors.

The cost of groceries jumped in March on higher prices for meat, eggs and milk, despite an overall decline in the cost of living. The overall Consumer Price Index fell 0.1% last month.

Removing soybean oil and other seed oils from the food supply would force the food industry to rely heavily on imported palm oil to fill the gap, driving up consumer prices, according to a study funded by the United Soybean Board.

It’s a packed day on Capitol Hill: The House Agriculture Committee is examining the always-thorny issue of helping Supplemental Nutrition Assistance Program recipients find work and the Senate Ag Committee holds a confirmation hearing for two important nominees.

Just hours after President Trump announced sweeping new duties on U.S. trade partners, multiple senators from his own party sided with Democrats to rebuke his trade policy.

President Donald Trump on Wednesday announced a new 10% across-the-board tariff and reciprocal duties that will apply to specific trade partners.

Farmer sentiment fell in March, reflecting concerns about commodity markets and trade policy, according to the monthly Purdue University-CME Group Ag Economy Barometer.

A new USDA study analyzes recipients of federal COVID-19 assistance and the impact of the pandemic on land values.  

Farmers intend to increase corn plantings by 5%, while reducing their soybean acreage by 4% and wheat acreage by 2%, USDA says. 

USDA has sharply lowered its forecast for food inflation this year as price declines for dairy products and pork are expected to help offset sharply higher prices for beef and eggs.