Trump to Meet Top CEOs Amid Market Uncertainty

Updates: Policy/News/Markets, March 11, 2025

— Jim Traficant named FDA chief of staff under Trump administration. The FDA appointed Jim Traficant as its new chief of staff, bringing his extensive experience in healthcare systems and federal consulting to the role. Traficant previously held leadership positions at Accenture’s ASM Research and Harris Healthcare and was a partner at Pinkston. He will act as a liaison on public health initiatives and legislative engagement, supporting FDA leadership. His appointment comes as the Senate prepares to vote on President Donald Trump’s nominee for FDA Commissioner, Marty Makary.

— Equities today: Markets in Asia were down this morning as the sell-off continued. European shares were largely flat. In Asia, Japan -0.6%. Hong Kong flat. China +0.4%. India flat. In Europe, at midday, London -0.1%. Paris +0.2%. Frankfurt +0.5%. U.S. stock-index futures are signaling modest gains. Analysts at JPMorgan Chase said there was a “materially higher risk of a global recession this year because of extreme U.S. policies.” They put the likelihood of a downturn at 40%.

Equities yesterday: Recession fears ignited a sharp sell-off in stocks Monday. U.S. stock indices opened under pressure and finished with sizable losses as concerns over the U.S. economy spooked investors. The Dow dropped 890.01 points, 2.08%, at 41,911.71. The Nasdaq fell 727.90 points, 4.00%, at 17, 468.32, its worst loss since September 2022. The S&P 500 was down 155.64 points, 2.70%, at 5,614.56, its worst loss of the year.

“The talk of tariffs is, in a lot of ways, worse than the implementation of them,” David Bahnsen, chief investment officer at the Bahnsen Group, said in a note Monday. “The tariff talk, reversal, speculation, and chaos only fosters uncertainty.”

Sen. Rand Paul (R-Ky.) posted a red infographic (link) of the Dow Jones, Nasdaq and S&P 500 to X on Monday night, saying: “The stock market is comprised of millions of people who are simultaneously trading. The market indexes are a distillation of sentiment. When the markets tumble like this in response to tariffs, it pays to listen.”

Another viewpoint came from Rep. Bill Huizenga (R-Mich.): “I think the long-term effects are going to be positive, where we’re going, because it’s less regulation, it’s better energy policy, it’s the tax reform that we’re doing.”

— Euro surges as German defense deal hopes rise; dollar slumps on recession fears. The euro hit a four-month high against the dollar on Tuesday, fueled by optimism that Germany could secure a defense spending deal by week’s end. Germany’s Greens Party co-leader Franziska Brantner signaled willingness to negotiate increased state borrowing, lifting the euro in early trading. Meanwhile, the dollar index fell to its lowest since October amid U.S. recession concerns, as equity market turmoil and declining bond yields pressured the currency. The yen briefly reached a five-month peak, while the British pound and Scandinavian currencies also strengthened.

— Tesla shares sank 15.4% on Monday, putting the stock back to where it started before the “Trump bump” sent its value skyrocketing after the election. Tesla shot up to $479 in mid-December on investors’ hopes that Elon Musk’s ties to the Trump administration would favor the bottom line. But since then, shares have cratered, falling more than 50% to $222 — wiping out hundreds of billions in market cap. Investors have shed their Tesla holdings amid growing concerns about sluggish sales, political blowback against Musk and intense EV competition in China.

Of note: In a post just after midnight in Washington, President Trump said he will buy a Tesla “tomorrow morning” as a “show of confidence and support for Elon Musk, a truly great American.” Musk responded with a simple “Thank you.”

— Hassett predicts positive first quarter despite economic uncertainty. National Economic Council (NEC) Director Kevin Hassett expressed optimism about the U.S. economy on Monday, predicting the first quarter would “squeak into the positive category” despite ongoing market volatility and fears of a recession. Speaking on CNBC’s Squawk Box, Hassett dismissed concerns of an impending recession, citing expected growth in the second quarter as the effects of tax cuts materialize. His remarks came as the Dow Jones dropped 890 points, reflecting broader market anxiety driven by trade tensions under the Trump administration.

— Goldman Sachs cut its forecast for U.S. GDP growth in 2025, from 2.4% to 1.7%, blaming “considerably more adverse” trade assumptions. The bank also raised its inflation forecast, predicting the core PCE price index to reach 3% by the end of 2025, up from previous estimates in the mid-2% range. Other investment banks were pessimistic: Morgan Stanley lowered its U.S. economic growth projections, JPMorgan cut its first-quarter GDP estimate, and Citi downgraded its forecast for American equities and upgraded its outlook on China’s.

— Japan’s growth slows amid trade uncertainty. Japan’s economy expanded at a slower pace than initially estimated in the final quarter of 2024, growing 2.2% annually compared to the earlier 2.8% estimate. While this marks the third consecutive quarter of growth, concerns linger over the impact of U.S. tariffs and a weakening trade outlook. Trade Minister Yoji Muto sought exemptions from new U.S. duties but received no assurances. Meanwhile, wage growth remains a focal point for economic recovery, with Japan’s largest labor union pushing for its biggest pay hike request in 30 years.

— Ag markets today:

• Corn and beans firmer, wheat weaker this morning. Corn and soybeans rebounded from losses earlier in the overnight session to trade higher this morning, while wheat faced light price pressure. As of 7:30 a.m. ET, corn futures were trading 1 to 2 cents higher, soybeans were 4 to 5 cents higher and wheat futures were 1 to 2 cents lower. The U.S. dollar index was down around 435 points, and front-month crude oil futures were about 75 cents higher.
• Cash cattle fundamentals strengthen. The average cash cattle price firmed $2.63 to $200.28 last week, ending a four-week decline. Wholesale beef prices firmed $2.68 to $317.58 for Choice and $1.15 to $306.95 for Select on Monday.
• Cash hog fundamentals slip. The CME lean hog index is down another 19 cents to $89.71 as of March 7, marking the fourth straight daily decline. The pork cutout slipped 14 cents to $98.22 on Monday, led by primal bellies and ribs.

— USDA’s demand forecasts will factor in tariffs. USDA’s monthly Supply & Demand Report today will consider trade policies currently in place at the time of publication and assume those will remain throughout the forecast time period.

— Ag trade: South Korea purchased 133,000 MT of corn expected to be sourced from the U.S., South America or South Africa.

— China tightens trade rules amid Canadian tariff fallout. China’s Zhengzhou Exchange raised trading margin requirements for rapeseed meal futures to 9% from 7% after Beijing’s 100% tariff on Canadian imports triggered a sharp price surge. Futures jumped over 7% on Tuesday, reaching a five-month high. The tariffs, impacting over $2.6 billion worth of Canadian agricultural products, have heightened market volatility, prompting stricter trading regulations. Analysts warn of potential supply disruptions and shifts in global trade flows, though immediate domestic edible oil supplies remain stable.

— India’s edible oil imports fell to their lowest level in four years in February, driven by declines in soyoil and sunflower oil shipments, according to the Solvent Extractors’ Association of India (SEA). The drop has pushed inventories to their lowest in over three years, potentially increasing future purchases and supporting Malaysian palm oil prices and U.S. soyoil futures. While palm oil imports rose 35.7% from January to 373,549 metric tons, soyoil and sunflower oil imports fell by 36% and 20.8%, respectively. Total vegetable oil imports dropped 12% to 899,565 tons, the lowest since February 2021. Stocks fell 14% to 1.87 million tons as of March 1. Traders expect imports to rise in March as the industry seeks to replenish supplies.

— India’s cotton imports to double amid smaller crop. India is set to import 3 million bales of cotton in 2024-25, nearly twice the 1.52 million bales imported last year, according to the Cotton Association of India (CAI). Already, 2.2 million bales have entered the country between October and February. The increase in imports comes as domestic production is expected to decline to 29.53 million bales due to reduced acreage, while demand is forecast at 31.5 million bales. Exports are also projected to drop. Meanwhile, China’s tariffs on U.S. cotton have pushed global prices to a four-year low.

— Agriculture markets yesterday:
• Corn: May corn rose 2 3/4 cents to $4.72, ending the session above the 10-day moving average.
• Soy complex: May soybean futures closed 11 cents lower to $10.14 and settled near session lows. May meal futures fell $2.10 to $302.30, on session lows. May bean oil plunged 116 points to 42.26 cents.
• Wheat: May SRW wheat rose 11 1/4 cents to $5.62 1/2, nearer the daily high. May HRW wheat gained 13 3/4 cents to $5.78 1/2 and nearer the daily high. May spring wheat futures climbed 11 3/4 cents to $6.04 1/2.
• Cotton: May cotton fell 7 points to 66.00 cents, marking a low-range close.
• Cattle: April live cattle rose 30 cents to $200.575, near mid-range and hit a five-week high. May feeder cattle rose 35 cents to $278.55, nearer the session high and hit a contract high.
• Hogs: April lean hog futures closed 95 cents higher at $88.30 and closed near session highs.

— Farmers who use long-standing conservation practices that were labeled “climate resilient” by the Biden administration are now facing cuts in federal funding, the Washington Post reports (link).

— Senators push for faster disaster aid for farmers. A bipartisan group of senators urged USDA Secretary Brooke Rollins on Monday to speed up the distribution of $20 billion in disaster relief for farmers recovering from last year’s hurricanes in the Southeast. Led by Sens. Ted Budd (R-N.C.) and Raphael Warnock (D-Ga.), along with Reps. Chuck Edwards (R-N.C.) and Don Davis (D-N.C.), the letter was signed by lawmakers from affected states like North Carolina, Georgia, and Florida. They want more straightforward guidelines on how relief is administered by the department. “Producers from vulnerable agriculture communities that were hit hard by these recent natural disasters are at risk of greatly downsizing or having to shut down their operations if the agricultural disaster relief funding is not fully accessible in the upcoming months,” the letter reads. “Clear direction and quick action from the USDA on disaster payment structure would provide certainty and, in many cases, a lifeline for farmers to continue their operations.”

Rollins also assured farmers that her team is working on rapid implementation and confirmed that a separate $10 billion in economic aid will be available for applications by March 21.

Background:

American Relief Act of 2025: This legislation allocated $30.78 billion to USDA for farm relief, with $20 billion dedicated to disaster assistance for farmers affected by natural disasters in 2023 and 2024.

Disaster relief payments: The aid is intended to cover losses due to various natural disasters, including hurricanes, droughts, wildfires, and floods. Up to $2 billion is specifically earmarked for livestock losses

— Oil prices rebound amid dollar weakness; market uncertainty persists. Oil prices recovered from early losses on Tuesday, buoyed by a weaker U.S. dollar, which made crude more affordable for overseas buyers. Brent crude rose 47 cents, 0.68%, to $69.75 per barrel, while U.S. West Texas Intermediate (WTI) climbed 42 cents, 0.64%, to $66.45. However, concerns over a potential U.S. recession and the impact of tariffs on global economic growth capped gains. Investors are closely watching OPEC+ as it prepares to release initial barrels into the market in April. Analysts suggest that if prices remain below $70 per barrel, OPEC+ may reconsider its planned output hikes. Meanwhile, President Donald Trump’s trade policies and upcoming inflation data are also influencing market sentiment.

— Oil prices fell 1% on Monday as fears grew that U.S. tariffs on key trading partners could slow global growth and weaken energy demand, while OPEC+ prepares to boost supply. Brent crude dropped $1.08, (1.5%), to $69.28, and WTI declined $1.01 (1.5%) to $66.03. Market volatility persists as President Trump’s trade policies fuel uncertainty. Commerce Secretary Howard Lutnick reaffirmed tariff pressure, sending equities lower. Meanwhile, OPEC+ plans to raise production in April but may adjust based on market conditions. Potential sanctions on Russia and Iran could offer short-term price support, though broader economic risks remain a concern.

— Ontario strikes back with power price hike on three U.S. states. In response to Trump’s tariffs, Ontario raised electricity export prices to Minnesota, Michigan, and New York by 25% on Monday. The province’s grid operator, the Independent Electricity System Operator, imposed a C$10 ($7) per megawatt-hour surcharge. Premier Doug Ford expressed regret for the move but blamed “one person” for the situation. The action highlights growing backlash against Trump’s tariff policies.

— DOE aims to halt SPR sales, plans long-term restocking. Energy Secretary Chris Wright pledged efforts to halt planned sales of oil from the Strategic Petroleum Reserve (SPR) and outlined a long-term strategy to restock it. Speaking at S&P Global’s CERAWeek event, Wright told Reuters that working with Congress to stop the mandated sale of 100 million barrels would be challenging but necessary. He estimated that replenishing the SPR would take five to seven years and require $20 billion, citing maintenance delays. Additionally, Wright confirmed that the administration is exploring options to advance an Alaskan natural gas pipeline, including diplomatic efforts and federal loan guarantees.

Meanwhile, Wright announced that the Trump administration is advancing natural gas production and exports, approving new pipeline projects in Alaska and New England while granting permits for overseas shipments. At the CERAWeek energy conference, Wright extended a permit for Louisiana’s Delfin LNG export terminal, marking the administration’s fourth LNG-related approval in its first 50 days. With natural gas prices surging over 40% since January due to high winter demand, industry leaders like Cheniere Energy CEO Jack Fusco now call it “the fuel of choice.”

— USDA Sec. Rollins engages Mexico, Canada amid tariff concerns. USDA Secretary Brooke Rollins spoke with her Mexican and Canadian counterparts on Monday as Trump’s looming tariffs threaten North American trade ties.

Mexico: In a post on X, Rollins emphasized that tariffs were a “top priority” in her video call with Mexico’s agriculture secretary, Julio Berdegué. Berdegué reassured her that Mexico will not impose restrictions on U.S. corn imports following a trade panel ruling. Berdegué reassured Rollins that Mexico would not impose restrictions on U.S. genetically modified (GM) corn imports. This follows a recent trade panel ruling under the USMCA that led Mexico to repeal its ban on GM corn imports from the U.S. In 2024, U.S. corn exports to Mexico were valued at $5.6 billion.

Canada: Later, Rollins discussed the U.S. ag trade deficit and Canadian import barriers with Canada’s Agriculture Minister Lawrence MacAulay, particularly regarding U.S. dairy exports — a renewed point of contention with President Trump. The U.S. accuses Canada d of undermining U.S. market access through tariff rate quota policies.

— Sheinbaum celebrates U.S. tariff suspension with massive rally in Mexico City. Thousands gathered in Mexico City’s Zócalo on Sunday as President Claudia Sheinbaum celebrated the U.S. decision to suspend tariffs on most Mexican goods. Initially intended as a rally to announce retaliatory measures against the U.S., the event transformed into a festive “festival” following Sheinbaum’s successful negotiations with President Donald Trump. In her speech, Sheinbaum emphasized the power of dialogue and respect between nations, declaring the tariff suspension a collective achievement. She reaffirmed Mexico’s commitment to collaborating with the U.S. on security issues, including preventing fentanyl trafficking, while also stressing the importance of maintaining national sovereignty. Despite the temporary relief, steel and aluminum tariffs remain scheduled to take effect this Wednesday, keeping economic tensions simmering.

Trump’s main stated reason for imposing tariffs on Mexico and Canada was that the two countries had not done enough to stem the flow of fentanyl into the United States. Sheinbaum told reporters last week that in her call with the U.S. president, she emphasized that her government is in fact “getting results” on security issues, including in stopping the trafficking of fentanyl across Mexico’s northern border. Economy Minister Marcelo Ebrard estimated last Friday that between 85% and 90% of Mexican goods exported to the United States won’t be subject to tariffs because of Trump’s decision to suspend tariffs on imports from Mexico covered by the USMCA free trade pact.

— USITC report highlights rice trade challenges, USA Rice urges action. The U.S. International Trade Commission (ITC) late last week released a new global competitiveness study on the rice industry, updating its 2015 findings. Covering 2018-2023, the report highlights significant price volatility driven by global disruptions, government interventions, and trade barriers that disadvantage U.S. rice producers.

House Ways and Means Committee Chairman Jason Smith (R-Mo.) and USA Rice leaders emphasized that unfair subsidies and trade practices by major exporters like India and Thailand erode U.S. market opportunities (link). USA Rice is urging the administration to enforce reciprocal tariffs and strengthen trade enforcement measures to protect domestic producers. The industry will collaborate with federal agencies and Congress to apply the report’s findings to future trade actions.

— No immediate disaster aid for Southern California wildfire victims in CR budget bill. The budget bill set for a House vote today includes no specific disaster aid for Southern California wildfire victims. Governor Gavin Newsom (D-Calif.) has requested $39.68 billion in emergency aid, but House Appropriations Committee Chairman Rep. Tom Cole (R-Okla.) said the bill maintains current spending limits. Cole indicated that aid would eventually be available, possibly with conditions to prevent future disasters, but no timeline was provided. California lawmakers continue to push for federal support, while political debates over potential conditions attached to aid complicate the process.

— House GOP considers accounting change to ease permanent tax cuts. House Republicans may alter budget rules to make President Trump’s 2017 tax cuts permanent, provided they are paired with major spending cuts, according to House Budget Chairman Jodey Arrington (R-Texas). Arrington signaled openness to a Senate GOP proposal allowing permanent tax cuts if the broader framework includes $2 trillion in spending reductions over a decade. The House has already set a framework with $4.5 trillion in tax cuts and a $4 trillion debt limit increase, maintaining a strict stance on fiscal conservatism.

However, the Joint Committee on Taxation (JCT) has confirmed it will assess the cost of extending the 2017 Trump tax cuts based on current law rather than current policy, despite Republican efforts to shift the baseline. JCT chief of staff Thomas Barthold endorsed this approach in response to Democratic senators, stating the estimate will follow the present law baseline over the 10-year budget period. This decision means the full $4.7 trillion cost of extending the cuts will be accounted for, rather than assumed as permanent. Some Republicans have criticized the decision as misleading.

— House Freedom Caucus signals SALT cap increase likely. The head of the House Freedom Caucus indicated Monday that Congress is set to raise the $10,000 cap on the state and local tax deduction (SALT), likely doubling it to $20,000 for joint filers. This move, part of a broader Republican tax and spending package, would eliminate the so-called marriage penalty introduced in the 2017 GOP tax cuts. The change is expected to benefit residents of higher-tax blue states, suggesting strategic political considerations may be at play.

— House GOP advances short-term funding bill amid Democratic opposition. House Republicans moved forward with a short-term funding bill on Monday to avert a government shutdown. The measure, which mostly extends fiscal 2024 spending levels through FY 2025, passed the House Rules Committee in a 9-3 vote, with all Democrats opposing it.

House Speaker Mike Johnson (R-La.) plans to bring the bill to a full House vote on today. The legislation, backed by former President Donald Trump, must pass both chambers and be signed by President Biden by Friday at midnight to prevent a shutdown.

The bill boosts defense spending by $6 billion while reducing non-defense discretionary spending by $13 billion. It also eliminates funding for earmarked “community projects” and increases Immigration and Customs Enforcement (ICE) funding to nearly $10 billion.

For the bill to pass in the House, Johnson can only afford to lose one Republican vote, assuming that all members are present and voting and Democrats oppose the bill. The continuing resolution requires a majority vote of 217 among the 432 members currently sitting in the House. Republicans control the chamber by a slim 218-214. All but one or two House Democrats will vote no, meaning Republicans must get to 217 on their own. However, reports signal as many as five Democratic absences, which would give GOP leaders more breathing room. Reps. Raúl Grijalva (D-Ariz.), Brittany Pettersen (D-Colo.) and Kevin Mullin (D-Calif.) have missed several votes recently for health reasons. Pettersen recently had a baby, Grijalva is being treated for lung cancer and Mullin suffered complications from knee surgery.

Rep. Thomas Massie (R-Ky.) said he would vote no. “Unless I get a lobotomy Monday that causes me to forget what I’ve witnessed the past 12 years, I’ll be a NO on the CR this week,” Massie wrote on X on over the weekend. “It amazes me that my colleagues and many of the public fall for the lie that we will fight another day.”

Trump lashed out at Massie late Monday night on Truth Social for being a no: “HE SHOULD BE PRIMARIED and I will lead the charge against him.” Trump compared Massie to “Liz Chaney, before her historic, record breaking fall.”

Reps. Kat Cammack (R-Fla.) and Beth Van Duyne (R-Texas) raised issues about the measure.

Of note: The House Freedom Caucus endorsed the CR in a statement.

If the bill passes the House, its fate in the Senate is still murky. Sen. Rand Paul (R-Ky.) said he was a firm no on the bill, which means eight Democrats would have to join Republicans to clear a 60-vote threshold and advance the bill to the Senate floor for a final vote.

Fallback plan: Rep. Rosa DeLauro (Conn.) and Sen. Patty Murray (Wash.), the top Democrats on the House and Senate Appropriations panels, released a 30-day CR proposal to keep federal agencies open until April 11. They say this would give both sides time to find a compromise on FY 2025 spending.

— Is the Trump administration’s new HPAI/bird flu plan working? The Trump administration’s plan to combat Highly Pathogenic Avian Influenza (HPAI) and reduce egg prices involves a comprehensive strategy with a $1 billion investment. This includes enhancing biosecurity measures, providing financial support to farmers, and researching vaccines. However, there is no immediate evidence that egg prices have decreased because of this plan.

USDA forecasts that egg prices could rise by another 41% in 2025, indicating that prices are likely to remain high or increase further. As of early March 2025, the national average wholesale price of a dozen eggs slightly decreased to $6.85, but retail prices remain high, with some regions experiencing prices over $10 per dozen. The ongoing bird flu outbreak continues to impact egg supply, contributing to high prices and potential shortages.

USDA Secretary Brooke Rollins acknowledged that the plan won’t provide immediate relief and that stabilization in the egg market could take several months. The plan’s success will depend on its ability to effectively reduce the spread of avian influenza and increase egg production over time.

Over the weekend, Trump shared an article on his Truth Social platform titled “Shut up about egg prices – Trump is saving consumers millions.” The piece alleged that the egg price crisis is “in no way President Trump’s fault.”

Meanwhile, the Department of Justice has launched an investigation into egg prices and competition in the egg market amid suspicions that some producers may be overly inflating their prices. The investigation also focuses on whether producers were being transparent about their costs and whether the large producers colluded in any way over price setting. A report from Food and Water Watch pointed out that “just a handful of companies” produce the majority of America’s eggs, “giving them outsized control over the prices paid by retailers.”

— USDA policies under fire amid bird flu crisis. With egg prices soaring and bird flu becoming the most expensive animal health crisis in U.S. history, the Animal Welfare Institute (AWI) is criticizing USDA policies that incentivize farms to continue risky practices rather than prevent infections. AWI’s investigation found that USDA payouts compensate farms for losses, even when they repeatedly fail to implement proper biosecurity measures. At least 23 farms have been infected three or more times, with the highest reinfections in South Dakota, Minnesota, California, and Iowa. One county in South Dakota saw three farms hit at least four times. So far, taxpayers have covered $1.25 billion in indemnity payments. AWI is urging the USDA to adopt stronger preventive measures, including reducing flock sizes and densities and enforcing more effective depopulation strategies.

— Farm and food groups urge RFK Jr. to rely on ‘sound’ science. Around 300 food and agriculture organizations have urged the Trump administration, including U.S. Health Secretary Robert F. Kennedy Jr., to base reforms of America’s food system on “sound, quality science.” This appeal comes amid concerns about potential changes to pesticide regulations and criticisms of the food and agricultural value chain. The groups warn that altering these regulations could negatively impact both producers and consumers. Key Concerns and implications:

· Pesticide regulations: The Environmental Protection Agency (EPA) regulates pesticides to ensure they are safe for human health and the environment when used as directed. However, groups fear that stricter regulations or bans on certain pesticides could lead to reduced crop yields and increased food prices. This could incentivize less productive and more environmentally destructive farming practices.

· Economic impact: Studies have shown that pesticide restrictions can lead to significant economic losses. For example, in California, restrictions on key pesticides could result in a 7.3% decrease in lettuce production, leading to substantial financial losses for producers and higher costs for consumers.

· Biotechnology and innovation: RFK Jr.'s stance on biotechnology, including genetically modified crops, is also a concern. The vast majority of U.S. corn, soybeans, and cotton are genetically modified, and limiting these technologies could lower yields and increase global land use for agriculture.

· Science-based decision making: The call for “sound science” emphasizes the importance of evidence-based policies. Farmers and agricultural groups advocate for regulatory frameworks that support innovation and progress, rather than hindering them with ideology-driven decisions.

— USDA cuts food assistance programs amid budget reductions. USDA has ended two federal programs that provided over $1 billion annually to support local food purchases for schools and food banks, according to the School Nutrition Association and a Politico report. The cuts include the $660 million Local Food for Schools (LFS) program and the $500 million Local Food Purchase Assistance Cooperative Agreement Program, which funded food banks. USDA has not commented on the decision, which aligns with President Donald Trump’s broader push to reduce federal spending. The move comes as new tariffs on Canada, Mexico, and China escalate trade tensions affecting U.S. farmers.

Bottom line: State officials were notified Friday of USDA’s decision to end the LFS program for this year.

— Kennedy pushes FDA to tighten food ingredient oversight. U.S. Health Secretary Robert Kennedy Jr. has directed the FDA to revise safety rules, aiming to eliminate a loophole that allows companies to self-affirm the safety of food ingredients without notifying regulators. The move is intended to enhance transparency and oversight, addressing concerns over unvetted substances entering the food supply. While Kennedy’s agenda focuses on tackling chronic illness and improving food safety, it may face hurdles due to proposed government spending cuts. Major food manufacturers, including Coca-Cola and General Mills, have yet to respond to the initiative.

Upshot: The FDA, under Kennedy’s direction, is considering tightening the “Generally Recognized as Safe” (GRAS) regulation. Currently, food companies can classify substances as GRAS without FDA notification, allowing numerous chemicals to enter the market without regulatory oversight. The proposed rulemaking would potentially increase scrutiny and agency involvement in evaluating food additives.

— N.Y. Gov. Hochul poised to delay Stefanik’s replacement vote. New York Gov. Kathy Hochul is expected to delay the special election to replace Rep. Elise Stefanik (R-N.Y.), according to Semafor. This move underscores the political maneuvering over the GOP’s narrow House majority. Stefanik, nominated by Trump for UN ambassador, remains unconfirmed due to Republican vote constraints. While Hochul’s timeline remains unclear, postponing beyond the 10-day legal window could spark GOP lawsuits. She may also push state Democrats to revive legislation delaying the election until November. Even if called on time, the election would still occur three months after Stefanik’s departure.

— NWS outlook: Renewed warmth in the Central and Eastern U.S.... ...Storm system brings unsettled weather to the West... ...Severe Weather potential over the Southern Plains and Lower Mississippi Valley on Wednesday... ...Critical Fire Weather Risk over parts of the Southern High Plains through the rest of the week.

(NWS)

8-20: FOMC blackout where Fed officials cannot comment on monetary policy or the economy.
11: USDA WASDE, Crop Production
12: CPI
13: PPI-FD
13: Purim Fun Jewish holiday
14: Final day of current continuing resolution (CR)
15: Tax filing deadline for partnerships and S corporations
18: NCAA men’s basketball finals
18-19: FOMC meets (interest rates)
20: Spring equinox
20: NCAA women’s basketball finals
21: USDA Chicken & Eggs report | Cattle on Feed | Milk Production
25: USDA Cold Storage report | USDA Food Price Outlook
27: USDA Hogs & Pigs report
27: MLB Opening Day
28: Personal Consumption Expenditures Price Index
29: Last day of Ramadan
31: USDA Prospective Plantings, Grain Stocks and Rice Stocks reports | Ag Prices

Economic aid for farmers | Disaster aid for farmers | Farm Bureau summary of aid/disaster/farm bill extension | 45Z tax incentive program | Poultry and swine line speeds | U.S./China Phase 1 agreement | WASDE | Crop Production | USDA weekly reports | Crop Progress | Food prices | Farm income | Export Sales weekly | ERP dashboard | RFS | IRA: Biofuels | IRA: Ag | SCOTUS on WOTUS | SCOTUS on Prop 12 pork | Gov’t payments to farmers by program | Farmer working capital | USDA Ag Outlook Forum | Eggs/HPAI | NEC task force on HPAI, egg prices | Options for HPAI/Egg prices | Trump tariffs | Greer responses to lawmakers | Trump reciprocal tariffs |