China, formerly the No. 1 customer for U.S. ag exports, will buy a comparatively paltry $9 billion worth of those exports this fiscal year, a startling 45% cutback due to the trade war.
“It seems to be the most status quo farm bill that I can recall,” said former USDA chief economist Joe Glauber.
President Trump and Senate Majority Leader Mitch McConnell discussed the bill among must-do legislation on Thursday for action in the brief congressional postelection session.
Grassley would become Finance chairman officially in January when Senate Republicans make committee assignments.
Backed by President Trump, House Republicans pushed for stricter SNAP work requirements in the 2018 farm bill despite strong opposition from House Democrats and senators of both parties.
Net returns over variable costs would be $344 an acre for corn and $273 for soybeans based on expenses nationwide.
Although Trump declared that the USMCA “is a very, very big deal for our farmers,” a study says U.S. farm exports will fall by $1.8 billion due to retaliatory tariffs by Mexico and Canada.
Three Senate races, seven House races, and three statewide referendums could dramatically change the food and agriculture policy landscape after Tuesday’s midterms.
When the Trump administration announced the farm bailout just before Labor Day, officials said payment of a second round would depend on the state of trade relations.
President Trump told cabinet officers on Wednesday “to come back with a 5-percent cut for our next meeting."