The White House released the President’s Budget today; it is a $6 trillion dollar package that picks up where the COVID pandemic relief spending left off. For context, the pre-pandemic budget proposal for FY2021 was $4.9 billion. That got blown up by COVID relief spending. Below are three charts to show the scope. First, total federal outlays to date and proposed under the federal budget.
Second, revenue to the Federal government by source by percent. In 2010, taxes (personal, corporate, and excise) were about 54 percent of federal revenue, in 2021 they were about 57 percent, and by 2026 they are projected to be 64 percent. The balance is Social Security receipts, federal trust income, and interest income.
And third, USDA...
What You Need to Know Today: The corn and soybean markets closed slightly higher in low-volume trade. The wheat market was mixed, with HRW continuing its downward trek on improved moisture. As expected, the bearish cattle on feed report drove down cattle prices and pulled hogs down with it. Mi...
Monday, 25 May is a U.S. holiday, and both the markets and our office will be closed. Please note that the next issue of Ag Perspectives will be published on Tuesday, 26 May. The WPI staff wishes everyone a safe and enjoyable holiday weekend...
USDA’s monthly cattle on feed report was released today. The total number of cattle on feed in feedlots with 1,000 head or more capacity amounted to 11.6 million head, 102 percent of last year. Source: USDA, WPI Placements were up, but part of that is attributable to persistent drought c...
