There are a lot of unknowns as the year carries on, including key tax breaks that are due to sunset this year. National Cattlemen’s Beef Association says they have talked with more than a thousand members and found that this impacts a lot of producers.
“99% of the survey respondents identify as a family-owned enterprise, and I think that’s an important thing that we in agriculture have to do is to continue to that face, that human element on the letters and numbers of very complex tax code,” said Kent Bacus.
President-elect Trump has addressed the tax cuts in recent weeks, and he has asked Congress for one bill to address many areas like taxes and border security.
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Rather than making “cuts” to SNAP, as has been claimed, the One Big Beautiful Bill merely modifies the program’s funding structure.
Tariffs are pushing up input costs, with fertilizer prices rising $100 per ton and machinery costs climbing due to steel and parts duties.
Year-round sales of E-15 are another major topic on Capitol Hill, which, according to Rep. Adrian Smith (R-NE), is one issue up for debate this session with significant bipartisan support.
Lawmakers have until September 30 to shore up federal spending for next year, or risk a government shutdown. The Farm Bill is also set to expire the same day.
American Soybean Association President Caleb Ragland joins us to share his reaction to September’s WASDE and discuss the trade uncertainty between China and his industry.
