The House Budget Committee yesterday passed the Sequester Replacement Reconciliation Act, which included budget reconciliation language reported by the House Ag Committee and five other House committees.A quick guide to the budget process lingo:
Reconciliation is a budgetary process where the Budget Committee requires a legislative committee to develop language to meet specified spending goals within a Congressional Budget Resolution. Sequester is an across-the-board cut to meet the requirements of the 2011 Budget Control Act package passed by Congress. If Congress does not meet a 10-year, $1.2 trillion reduction in the federal deficit through the normal budget process, then the $109 billion will be cut through sequester on 2 January...
Key Takeaways: President Trump announced $8 billion in additional agricultural assistance through the Harvest Fuel Relief Program, as USDA projects farm fuel and oil expenses will increase 28.8 percent in 2026. The package follows $12 billion in earlier relief, while government farm payments w...
Key Takeaways: A student group from the University of Chicago is protesting to bring back onion futures trading. Trading in onion futures was banned in 1958 following a spectacular bout of market manipulation that resulted in a corner of the physical market. The ban on onion futures led t...
Beef packer margins deteriorated to $141/head last week, down $55 from the prior week as fed cattle prices strengthened while the Choice cutout remained nearly unchanged. The cutout held near $373/cwt while fed cattle prices climbed $4/cwt to $224/cwt, narrowing processor profits. Despite the d...
