While Congress is finishing the last six appropriations bills for FY 2024 (with a deadline of this Friday), President Biden submitted his FY 2025 budget proposal last week with few changes proposed to USDA’s budget.
Overall, USDA spending under the President’s request is $231 billion, down from the forecast $238 billion in FY 2024 and up from $229 billion in FY 2023. That request assumes current law, i.e., the 2018 farm bill. Mandatory spending is comprised of program funding, such as crop support, conservation, and nutrition programs. Discretionary spending is the annually appropriated funds that are for salaries and operating funds for the year. The breakdown of mandatory spending projected for FY 2025 is shown...
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...
