The Finance Committee held a hearing focused on trade and supply chains.
Ag voices were part of the conversation, including the American Soybean Association. President Caleb Ragland shared concerns about the economic pressure farmers are facing and urged lawmakers to focus on expanding market access in future trade deals.
“Our farm economy is in a dire situation. Commodity prices are down nearly 50% from three years ago, while farmers are still facing elevated prices for land, seeds, fertilizer, and pesticides. As the Administration negotiates with trading partners to reduce barriers and address reciprocal trade issues, we encourage this committee to press the White House on the importance of market access for U.S. agriculture. My written testimony includes specific asks of our industry, including a strong plea to couple this reciprocal tariff strategy with swift negotiations to reduce tariffs and remove market barriers for U.S. ag products.”
In a follow-up, Iowa Senator Chuck Grassley asked which countries could serve as future markets for U.S. soy products beyond China. Ragland pointed to India, noting its large population but acknowledging trade with the country remains complex.
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Economists are also closely watching how policy decisions in Washington could influence markets moving forward. Analysts say deferred futures for corn, soybeans, and wheat suggest markets are operating near break-even levels, not at prices that would encourage expanded production.
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House Agriculture Committee Chairman “GT” Thompson is pushing a “Farm Bill 2.0.”
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The federal government’s status is far from the only factor moving the markets on Friday. Two critical reports released today on producer inflation and the status of the U.S. cattle herd are also top of mind.
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