Revenues are expected to increase by about 8 percent this year versus last year to $3 trillion. They will rise from all major sources, including individual income taxes (estimated at 6 percent), payroll taxes (8 percent) and corporate income taxes (15 percent).
The Congressional Budget Office (CBO) has issued a 10-year update on the budget. It estimates the federal budget deficit for FY 2014, which ends 30 September, will total $506 billion, roughly $170 billion lower than the 2013 shortfall. At 2.9 percent of gross domestic product (GDP), this year's deficit will be much smaller than those of recent years, especially 2009 when it was almost 10 percent, and slightly below the average of federal deficits over the past 40 years.Spending is...
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...
