Why Are Investors Worried About Washington?

Updates: Policy/News/Markets, Feb. 25, 2025

— Mexico’s Sheinbaum pushes for USMCA deal as tariff deadline nears. Mexican President Claudia Sheinbaum reaffirmed her commitment to securing a deal with the U.S. to prevent the imposition of 25% tariffs on Mexican exports, set to take effect on March 4. She emphasized Mexico’s dedication to addressing the U.S. fentanyl crisis and maintaining strong trade relations under the USMCA. Sheinbaum also noted that Mexico is considering additional tariffs on imports from countries without free trade agreements, particularly China (If Mexico imposes tariffs on Chinese imports the direct impact will be limited, as Mexico accounts for only 2.4% of China’s total export, Bloomberg reports). Economy Minister Marcelo Ebrard remains in Washington for negotiations, as Sheinbaum expressed willingness to speak directly with President Trump if necessary. Trump said Monday that his planned 25% tariffs on all Mexican and Canadian exports to the U.S. “are going ahead on time, on schedule,” meaning the duties would take effect on March 4 at the conclusion of a one-month suspension. “This is an abuse that took place for many, many years,” Trump said in justification of the decision to impose tariffs on the United States’ neighbors and North American trade partners. “And I’m not even blaming the other countries that did this, I blame our leadership for allowing it to happen. I mean who can blame them if they made these great deals with the United States, took advantage of the United States on manufacturing, on just about everything,” he said at a joint press conference with French President Emmanuel Macron. — Ukraine mineral deal nears agreement, but security guarantees remain a hurdle. Negotiations over a U.S. stake in Ukraine’s mineral resources are progressing, though uncertainty remains. A key obstacle is Washington’s reluctance to provide the security guarantees Kyiv, and its European allies seek. However, Ukraine appears to have secured a significant concession — recent deal terms no longer require it to pay up to $500 billion into a U.S.-controlled fund sourced from future resource sales. Meanwhile, Vladimir Putin opened the door to American companies helping develop mineral resources in Russia, as well as Russian-occupied Ukraine. The Russian president’s message, delivered to state media yesterday, tracked with statements from the Trump administration delegation at last week’s U.S./Russia talks in Saudi Arabia — USDA reports decline in egg production, signs of recovery ahead. USDA’s latest report highlights key trends in the poultry industry, including a 4% decline in U.S. egg production for January 2025. This drop is largely due to a 4% reduction in laying hens, driven by the ongoing avian influenza outbreak. However, signs of recovery are emerging: egg-type chick hatching rose by 6%, and incubation numbers increased by 7%. Meanwhile, broiler production is growing, with a 3% rise in broiler chick hatching. USDA will release updated forecasts on March 11, offering a clearer picture of the industry’s trajectory. More details: · The number of layers fell to about 363 million in January, down 3.8% from a year ago. · Egg production of 8.865 billion was down 4.2% and the lowest for the month since 2016 — when there was a previous major outbreak of bird flu. Of note: Denny’s became the latest breakfast chain to announce an egg surcharge. Earlier this month, Waffle House introduced a temporary 50-cent surcharge per egg. Major retailers, including Costco and Trader Joe’s, have had to act as well by imposing limits on how many eggs one customer can buy. According to USDA, the avian flu has killed more than 140 million egg-laying birds in the country since 2022. At least 18.9 million birds have been culled in the past 30 days alone. Facts and figures: Conventional table eggs jumped 36 cents a dozen nationally last week, on average. (USDA, Bloomberg) — Rollins addresses avian flu in Texas. USDA Secretary Brooke Rollins on Monday met with poultry farmers and industry leaders in Texas to address the ongoing avian flu crisis. She toured a Cal-Maine Foods facility in Bogata before hosting a roundtable in Mount Pleasant, where discussions focused on outbreak response and mitigation strategies. Rollins criticized the Biden administration’s handling of the issue, emphasizing the Trump administration’s commitment to supporting farmers and stabilizing egg prices. Following the roundtable, she spoke with local media about USDA’s efforts and the impact on Texas agriculture. Link to Rollins’ X comments about a forthcoming new action plan regarding HPAI and egg prices. (USDA)

— Trump supports Musk’s email ultimatum for federal workers. President Trump backed Elon Musk’s proposal to fire federal employees who failed to respond to an email outlining their weekly work by a set deadline. While different government departments gave conflicting guidance on whether to comply, Trump made his stance clear during a joint appearance with the French president. Unions have filed legal challenges against the ultimatum, and the government’s HR agency reportedly advised agencies they could ignore it. As the deadline neared, Musk announced a second chance “at the discretion of the president,” warning that a second failure would lead to termination.

On Monday afternoon, many agencies began issuing guidance that their employees did not need to reply to Musk’s email — and asserting that no one would be considered as having resigned, despite what Musk said. As of the evening, officials at NASA, USDA and the Cybersecurity and Infrastructure Security Agency, among at least seven others, had made clear the report was optional.

— AP analysis: Nearly 40% of DOGE contract cancellations yield no savings. An Associated Press analysis found that nearly 40% of federal contracts canceled by the Department of Government Efficiency (DOGE) will not result in savings. Of the 1,125 terminated contracts, 417 — worth $478 million — are already fully obligated, meaning the government is legally required to pay for them. These include media subscriptions, research studies, completed training programs, and past internships. Some of the canceled contracts were initiatives aimed at modernizing government operations.

— Dimon on DOGE: Government inefficiency needs fixing. JPMorgan Chase CEO Jamie Dimon criticized U.S. government inefficiency on Monday, stating that efforts to cut spending, like those under the Trump administration, “need to be done.” While he did not explicitly endorse Elon Musk’s Department of Government Efficiency (DOGE) initiative, Dimon expressed support for the broader mission, emphasizing that the issue extends beyond waste and fraud to overall outcomes.

— Equities today: Asian and European stock markets were mostly lower overnight. U.S. stock indexes are pointed to slightly lower openings. U.S. Treasuries advanced and stock-index futures slipped after Trump’s latest broadside on tariffs and China — the S&P 500 fell yesterday to its lowest level since his inauguration on jitters that a new round of the Trump trade war would kick in next week. Asian stocks slumped as well. In Asia, Japan -1.4%. Hong Kong -1.3%. China -0.8%. India +0.2%. In Europe, at midday, London +0.4%. Paris +0.1%. Frankfurt +0.2%.

Equities yesterday: Tech shares dove lower Monday resulting in a mixed finish on Wall Street. The Dow moved up 33.19 points, 0.08%, at 43,461.21. The Nasdaq lost 237.08 points, 1.21%, at 19,286.92. The S&P 500 declined 29.88 points, 0.50%, at 5,983.25.

— Gold prices hovered near an all-time high on Tuesday, as fears of a trade war and instability amid President Donald Trump’s tariff plans drove safe-haven flows. Spot gold fell 0.4% to $2,938.63 an ounce, after reaching $2,956.15 on Monday — its eleventh record high this year. U.S. gold futures declined 0.3% to $2,953.30.

— Fed’s Logan proposes discount-window loan auction facility. Dallas Federal Reserve Bank President Lorie Logan suggested allocating a small portion of the Fed’s balance sheet to loans and repos, potentially through a daily auction of discount-window loans. Speaking at a Bank of England conference, Logan argued that such a facility could improve liquidity distribution among banks and enhance policy efficiency. She emphasized that borrowing from the Fed should be normalized rather than seen as a last resort. However, she clarified that the Fed is not currently considering changes to its implementation framework.

— Nippon Steel seeks Commerce Dept. talks on U.S. Steel deal. Nippon Steel President Tadashi Imai stated the company is prepared to engage with the U.S. Department of Commerce to revive its bid for U.S. Steel. The discussions will begin with the previously halted agreement, which the Biden administration opposed. Despite this, Nippon remains committed to advancing the deal. President Donald Trump has expressed support for an alternative arrangement allowing Nippon to invest in U.S. Steel without ownership. Imai, however, emphasized that significant capital investments would only be viable if equity ownership were permitted.

— Tesla’s sales plunged 45% last month across Europe as rivals saw a surge in demand. The electric-vehicle numbers were hit by production line changes and Elon Musk’s polarizing political views.

— Home Depot forecasts weak sales growth amid spending slowdown. Home Depot projected annual same-store sales growth below analysts’ expectations, citing a slowdown in big-ticket home improvement projects due to high borrowing costs and a weak housing market. Despite a surprise 0.8% rise in fourth-quarter comparable sales, driven by discounts, the company reported a 3% decline in customer visits. For fiscal year 2025, Home Depot expects a 1% increase in comparable sales, falling short of analysts’ 1.7% estimate. Shares fell about 2% in premarket trading.

— Why Are Investors Worried About Washington? Tom Essaye of The Sevens Report highlights that last week’s market declines were driven by uncertainty in Washington. Investors had expected a pro-business, pro-growth agenda under the Republican-controlled government, but instead, policy chaos has emerged as a headwind. Essaye identifies four key areas of concern:

1. Tariffs and Trade Uncertainty. Investors remain in the dark about the extent and size of looming tariffs on major trade partners, including Canada, Mexico, and the EU. “The spontaneous nature of the tariff threats has led investors to worry that even currently well-regarded trade partners aren’t safe from potential threats,” Essaye writes. This lack of a clear trade policy creates instability in markets.

2. Federal Workforce Shakeup. The administration’s efforts to reform the federal workforce have rattled employees and contractors, causing them to pull back on spending. Essaye notes that while federal employees make up only about 1% of the total U.S. workforce, their uncertain job status creates an economic drag: “They can impact corporate earnings and other metrics, and the uncertainty... is a headwind on growth.”

3. Government Shutdown Risk (March 14). The current funding resolution expires on March 14, and despite Republican control of Congress, there’s no agreement on a spending plan. While a shutdown is unlikely, Essaye warns, “If this stretches to an 11th-hour drama, it will add another growth headwind.”

4. Debt Ceiling and Tax Cuts Stalemate. Congress needs to extend the debt ceiling and pass tax cut extensions, but Republican lawmakers remain divided. The House and Senate differ on whether to tackle these issues in one or two bills, creating further uncertainty. Essaye emphasizes, “The longer this drags on, the more that uncertainty will weigh on markets.”

Bottom line: Investors had hoped for pro-growth policies, but instead, they are facing trade turmoil, bureaucratic disruptions, and legislative gridlock. However, Essaye remains cautiously optimistic: “One party in control seldom willingly does things to negatively impact growth... While we could be in for more near-term declines on policy chaos, it’s not to the point yet where we need to view Washington as a structural headwind on the markets or the economy.”

— Ag markets today:

• Followthrough selling in grains overnight. Corn, soybeans and wheat extended Monday’s losses during the overnight session. As of 7:30 a.m. ET, corn futures were trading 4 to 5 cents lower, soybeans were 1 to 2 cents lower, SRW wheat futures were 7 to 9 cents lower, HRW wheat was around a nickel lower and HRS wheat was 1 to 2 cents lower. The U.S. dollar index was down around 180 points, and front-month crude oil futures were about 30 cents lower.
• Beef packer margins remain highly negative. The average cash cattle price fell $3.27 to $199.64 last week, the third straight weekly decline and the first time since the week ended Jan. 3 the price has been below $200.00. Wholesale beef priced firmed $2.96 to $313.73 for Choicer and $1.41 to $303.97 for Select on Monday. Despite the lower cash prices and firmer wholesale beef values, packer cutting margins remain deep in the red, suggesting more weakness is likely in the cash market this week.
• Cash hog index weakens, pork cutout firms. The CME lean hog index is down 85 cents to $89.68 as of Feb. 21, marking the second straight daily decline. The pork cutout firmed for a second straight day, rising $1.84 to $98.91, amid gains in all cut except ribs.

— Ag trade: South Korea purchased about 60,000 MT of soymeal expected to be sourced from South America. Bangladesh tendered to buy 50,000 MT of optional origin non-basmati parboiled rice.

— Northwest Mexico faces intensifying ‘exceptional’ drought. Mexico’s northwest region is grappling with extreme drought conditions, with parts of Sinaloa, Sonora, Chihuahua, Durango, and Coahuila classified under the highest drought severity level, “exceptional,” according to the National Water Commission (Conagua). The ongoing dry spell, exacerbated by the La Niña climate phenomenon, has led to widespread crop failures, dwindling reservoir levels, and looming water shortages.

Water storage in Sinaloa’s dams has hit a 30-year low, with key reservoirs like Adolfo López Mateos and Huites at critically low levels. The drought has severely impacted agriculture, leaving nearly half of Sinaloa’s farmland unplanted.

In response, the government has launched a cloud seeding initiative, allocating 13 billion pesos ($636 million) to stimulate rainfall. Governor Rubén Rocha assured farmers of continued support for fertilizers, seeds, and price stabilization measures but urged cost reductions in agricultural production. With little to no rain expected before July, water rationing and supply cuts are anticipated in the coming months.

(Conagua)

— Rains a ‘turning point’ for Argentine crops. Recent heavy rainfall across much of Argentina’s heartland is likely to continue over the next few days and mark an “turning point” for soybean and corn crops, the Rosario Grain Exchange said. More than 100 millimeters (3.9 inches) of rain soaked farmland over the last few days, providing relief from drought conditions. The exchange didn’t issue new production forecasts, which it previously pegged at 47.5 MMT for soybeans and 46 MMT for corn.

— Argentina expands cargo capacity on key waterway boosting trade efficiency. Argentina announced measures to increase cargo capacity along the Parana-Paraguay waterway, a critical trade route for the region. Security Minister Patricia Bullrich stated that allowing ships to carry more cargo—expected to boost movement by 7% — will reduce costs without compromising safety. This decision follows the government’s cancellation of a key waterway concession tender over corruption concerns. Only one company, Belgian firm DEME, submitted a bid, prompting an investigation into potential anti-competitive practices.

The waterway facilitates 80% of Argentina’s $65 billion annual exports, linking inland ports in Argentina, Paraguay, Bolivia, and Brazil to the Atlantic. Concerns remain over environmental impacts, economic pressures from delayed contracts, and regulatory irregularities. While the cargo capacity increase aims to enhance efficiency, broader management issues remain unresolved.

— Agriculture markets yesterday:
• Corn: May corn futures settled 8 cents lower to $4.97.
• Soy complex: May soybean futures fell 10 1/2 cents to $10.47 1/2 and closed nearer session lows. May meal futures sunk $3.00 to $300.90 and on session lows. May bean oil futures closed 104 points lower to 46.30 cents.
• Wheat: May SRW wheat fell 10 1/2 cents to $5.93 1/2 and nearer the daily low. May HRW wheat lost 12 1/4 cents to $6.09 1/2, nearer the daily low. May spring wheat futures closed 10 1/4 cents lower to $6.35 3/4.
• Cotton: May cotton rose 54 points to 67.88 cents and near mid-range.
• Cattle: April live cattle rose $1.15 to $195.10 and nearer the session high. March feeder cattle gained $4.35 to $272.30, near the session high and hit a three-week high
• Hogs: April lean hog futures fell 27.5 cents to $87.40 and closed on session lows.

— House GOP weighs budget cuts amid farm bill concerns. House Ag Committee Republicans met last night to discuss reconciliation plans and short-term priorities, amid growing concerns over the impact of proposed budget cuts on the farm bill and nutrition assistance programs.

• Budget cuts & SNAP: The GOP plan includes $230 billion in agriculture cuts over 10 years, raising concerns about potential reductions to the Supplemental Nutrition Assistance Program (SNAP).
• Farm bill uncertainty: Lawmakers worry these cuts could complicate passing a new farm bill before midterm elections.
• Balancing act: Some Republicans emphasize the challenge of trimming spending while preserving farm policy funding.
• Thrifty Food Plan limits: The GOP is considering restrictions on future changes to the Thrifty Food Plan to curb SNAP spending.

Challenges:

• Bridging differences between House and Senate approaches.
• Addressing moderate Republican concerns over social safety net cuts.
• Navigating a tight legislative timeline for both reconciliation and the farm bill.
  

— Oil prices steady today amid U.S. sanctions on Iran and strong refining margins. Oil prices held steady on Tuesday after a rise in the previous session, driven by fresh U.S. sanctions on Iran that raised concerns about supply constraints. Brent crude futures dipped 5 cents to $74.73 per barrel, while WTI crude edged up 2 cents to $70.72.

The U.S. sanctioned oil brokers and shipping entities involved in transporting Iranian oil, reinforcing efforts to curb Tehran’s crude exports. Meanwhile, strong refining margins, particularly in the U.S. Gulf Coast and Northwest Europe, supported oil markets. However, gains were limited by uncertainty over China’s economic outlook and pending policy decisions in March.

— Oil prices on Monday rebounded amid sanctions and supply concerns. Oil prices recovered on Monday following sharp losses last week, as new U.S. sanctions on Iran and Iraq’s commitment to OPEC+ quotas fueled concerns over supply constraints. Brent crude rose 0.5% to $74.78, while WTI gained 0.4% to $70.70.

The U.S. Treasury imposed sanctions on Iran’s oil industry, though analysts remain skeptical of their long-term impact given Iran’s continued high export levels. Meanwhile, Iraq pledged to adhere to OPEC+ agreements and offset previous overproduction while preparing to restart Kurdistan exports.

Market indicators signaled tightening supply, with the premium of front-month Brent hitting its highest level since February 11. However, ongoing U.S., French, and Russian peace talks on Ukraine could ease restrictions on Russian oil, potentially pressuring prices.

Further uncertainty looms as upcoming U.S. tariffs on Canada and Mexico may slow economic activity and oil demand. Analysts remain cautious, watching for the next major geopolitical or economic shift to drive market direction.

— API backs national E15 policy amid infrastructure concerns. The American Petroleum Institute (API) has expressed support for a national policy allowing the sale of E15 fuel year-round, arguing that a federal approach would prevent a patchwork of state regulations. API pointed to the Trump administration’s decision permitting E15 sales in eight Midwest states as a sign that congressional action is needed. However, the American Fuel and Petrochemical Manufacturers (AFPM) warned of potential fuel supply disruptions and higher gasoline costs, urging state governors to delay implementation. EPA is considering granting states a one-year extension to address infrastructure challenges.

— USTR seeks public input on unfair trade practices under Trump order. The Office of the U.S. Trade Representative (USTR) is calling for public comments by March 11 regarding unfair trade practices and non-reciprocal trade arrangements, in line with President Donald Trump’s America First Trade Policy and a recent Presidential Memorandum on Reciprocal Trade and Tariffs. The agency seeks details on specific foreign policies, measures, or barriers that harm U.S. industries, urging respondents to quantify economic impacts. The focus is on G20 nations and major U.S. trade deficit partners, including China, the EU, Mexico, and Japan. USTR also noted it may act before the comment deadline if necessary. Link. “Submissions should quantify the harm or cost (including actual cost or opportunity cost) to American workers, manufacturers, farmers, ranchers, entrepreneurs and businesses from the practice or trade arrangement of concern — ideally ascribing a dollar amount to the harm or cost and describing the underlying methodology,” USTR said.

— EU prepares retaliatory tariffs against U.S. over metals dispute. The European Union is expanding its list of U.S. goods targeted for retaliatory tariffs in response to Donald Trump’s threat to impose duties on steel and aluminum exports, according to reports. Bloomberg reports that U.S. measures could impact up to €28 billion ($29.3 billion) of European exports if derivative products are included — four times the scale of the previous tariffs imposed under Trump on the EU’s metals sector.

— Canada’s growth at risk amid trade war fears. Economists are lowering their forecasts for Canada’s economic growth, citing concerns over a potential trade battle with the U.S. A tariff war between the two countries could shrink Canadian output by nearly 3% over two years, effectively erasing growth during that period. Additionally, it could reduce long-term growth potential by 2.5%, as businesses scale back investment.

— House budget vote looms. House Speaker Mike Johnson (R-La.) is facing intense pressure from all sides ahead of today’s crucial House vote on the GOP’s multi-trillion-dollar budget resolution. With a razor-thin majority, Johnson must navigate conservative demands for deeper spending cuts, moderate concerns about entitlement reductions, and Senate Republicans pushing for permanent tax cuts.

Key sticking points include a $4.5 trillion tax cut package, over $1.5 trillion in spending reductions, and the looming March 14 government funding deadline. While some moderates are falling in line, conservative rebels like Rep. Thomas Massie (Ky.) and Rep. Warren Davidson (Ohio) are holding firm in opposition, complicating Johnson’s path to passage.

Meanwhile, Senate GOP leaders Steve Daines and Mike Crapo met with President Donald Trump to advocate for making the 2017 tax cuts permanent—an issue not accounted for in the House plan. As Johnson scrambles for votes, today’s attendance could determine whether the resolution survives or crumbles under internal GOP divisions.

— FY 2025 budget uncertainty continues. Lawmakers have yet to reach an agreement on government funding beyond March 14, with Senate Appropriations Chair Susan Collins (R-Maine) signaling the need for a short-term continuing resolution (CR) to avoid a shutdown. The absence of finalized topline budget numbers is stalling appropriations work for the remainder of fiscal year (FY) 2025. Meanwhile, some argue that the focus on a broader budget resolution is diverting attention from immediate funding concerns. House Speaker Mike Johnson (R-La.) has also pushed for a CR to extend funding through the fiscal year.

— Canadian liberal leadership candidates target Trump in debate. Leading contenders to replace Prime Minister Justin Trudeau focused heavily on President Donald Trump during a French-language debate on Monday, emphasizing the need to counter his threats against Canada. Front-runner Mark Carney and former Finance Minister Chrystia Freeland warned of economic risks, particularly Trump’s tariff threats. Freeland went as far as to call Trump “the biggest threat to Canada since World War Two,” while Carney framed the situation as a national crisis. With Trudeau stepping down, the new Liberal leader will be chosen on March 9, as the party faces a tough election against the opposition Conservatives.

Comments from a Canadian source: “Freeland said that Tesla’s should have a 100% tariff. Also, multiple polls are showing Carney and Pierre Poilievre would be neck and neck in election. Trumps actions are helping the Canadian liberals.”

— FDA delays ‘healthy’ food rule implementation. The Food and Drug Administration (FDA) postponed the effective date of its final rule on defining the term “healthy” in food labeling, moving it from Feb. 25 to April 28. Despite the delay, the compliance date remains Feb. 25, 2028. The decision aligns with a Trump administration order to pause pending regulations for further review. While the rule may still be revised, potential changes could align with Health and Human Services Secretary Robert F. Kennedy Jr.’s Make America Health Again initiative. Link.

— Kyle Diamantas appointed acting deputy commissioner for FDA’s human foods program. This follows the resignation of Jim Jones amid mass federal worker firings by the Trump administration. Diamantas, formerly a partner at Jones Day law firm, has over a decade of experience advising food and life sciences clients on regulatory and compliance issues. He has worked extensively with federal and state agencies, scientific organizations, and consumer advocacy groups.

Diamantas supports the “Make America Healthy Again” (MAHA) agenda, which prioritizes stricter regulation of harmful chemicals in the U.S. food supply. Vani Hari, a key MAHA advocate, has endorsed his appointment.

His appointment comes amid significant challenges, including recent layoffs of FDA staffers specializing in nutrition and food safety. Public health and industry groups have raised concerns about the agency’s ability to enforce stricter food regulations while managing resource constraints.

— Beijing’s economic playbook meets U.S. uncertainty. China’s National People’s Congress kicks off on March 5, with Premier Li Qiang set to outline economic targets amid global uncertainty fueled by U.S. tariff threats. Economists anticipate a 5% GDP target, a reduced 2% CPI goal, and an expanded fiscal deficit to stimulate domestic growth. Key spending areas may include consumer goods, infrastructure, and financial sector support. However, with U.S. trade investigations looming in April, Beijing’s real policy response may come later, at the Politburo meeting.

— China central bank adviser says exports to U.S. may fall sharply. China’s exports to the U.S. may fall sharply as President Donald Trump’s tariff hikes will hit bilateral trade, Wang Yiming, a policy adviser to the People’s Bank of China said. Changes in the external environment will increase pressures to expanding domestic demand this year, Wang said, adding it will be difficult for emerging industries, such as new energy vehicles and lithium batteries, to fill the demand gap caused by the property sector.

— China’s new home prices decline at slower rate in January. China’s new home prices in 70 cities declined 5.0% from year-ago in January, marking the smallest decline since last July, amid Beijing’s ongoing efforts to curb the prolonged property downturn. While the pace of declines has slowed, January marked the 19th consecutive month of decreases, with prices continuing to fall in Beijing, Guangzhou, Shenzhen, Tianjin and Chongqing, while prices increased at a steeper rate in Shanghai.

— NWS outlook: CoolingLocally heavy rainfall and high elevation mountain snow in the Northwest continues through the day Tuesday before winding down overnight... ...Clipper system to bring scattered rain and snow showers from the Midwest to the Appalachians/Interior Northeast late Tuesday into Wednesday... ...Well above average temperatures and mild conditions for most of the country this week.

(NWS)

25: Consumer Confidence | USDA Food Price Outlook
27: Durable Goods Orders | GDP | USDA Outlook Forum | Outlook for U.S. Agricultural Trade report
28: Personal Income and Outlays (PCE Price Index) | International Trade in Goods | USDA Outlook Forum concludes

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 |