U.S. Ag Exports Expected to Drop and Torres Small as Deputy Ag Secretary
From the Ag Information Network, I’m Bob Larson with your Agribusiness Update.
**The USDA projected America’s food and agricultural exports will drop 12% through fiscal year 2026, caused by a global economic slowdown, inflation, higher interest rates, and the strong U.S. dollar.
Overall economic conditions are projected to slow U.S. exports quicker than imports, leading to a trade deficit.
USDA projections show that exports will drop across the board, but grains and soybeans will get hit the hardest.
**The House Ag Committee completed an analysis of the Congressional Budget Office’s farm bill baseline spending estimates.
The analysis shows that compared to anticipated mandatory spending under the 2018 Farm Bill, commodity program support is expected to decrease by 12%, while spending on conservation, nutrition, and federal crop insurance are projected to increase by 19, 82, and 26%, respectively.
Following the projections, House Ag Chair Glenn Thompson said the CBO baseline underscores what he’s been consistently hearing from producers around the country.
**Senate Ag Chair Debbie Stabenow is pleased with the nomination of Xochitl (so-CHEEL) Torres Small to be the new Deputy Secretary of Agriculture at USDA.
Stabenow says, she’s been impressed with her commitment to addressing challenges in our food supply chain, fighting the climate crisis, and creating good paying jobs in rural America.
The American Farm Bureau Federation also congratulated Torres Small on her nomination.
