Later today, Congress will begin marking up bills for the budget reconciliation, and there is a lot at stake for the ag sector as both chambers have been tasked with cutting billions of dollars.
The Senate Budget Committee is looking at cutting around $5 billion over the next decade, with a billion of that coming from agriculture. House leaders say they will reject that plan, insisting their own bill addresses each of President Trump’s agenda items.
A recent budget release from the White House shows the House Ag Committee must cut $230 billion over the next ten years. It also calls for $100 billion in new military spending, with $90 billion for border security.
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AFBF Vice President of Public Policy and Economic Analysis, Dr. John Newton, explains the factors contributing to the growing financial strain in the ag sector and the urgent need for swift economic support.
One trader said the products entering the U.S. are primarily grind and trim, noting that the volume and type of beef, on its own, should not cause a major disruption. However, he says fund traders are reacting heavily to headlines rather than market realities.
