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Livestock producers: Extend corn, soymeal coverage... Corn-for-feed coverage runs out at the end of March. With May futures trading near their lowest levels since early winter, we advise livestock producers to extend corn coverage by one month in the cash market through April. With May soymeal futures trading below the $300.00 value level, we also advise livestock producers to extend meal coverage by one month in the cash market through May.
Trump to announce auto tariffs.... President Donald Trump will announce tariffs on the auto industry on Wednesday afternoon, according to the White House, a move that would escalate his fight with global trading partners ahead of a broader tariff push expected on April 2. The tariffs are poised to apply to finished vehicles but not auto parts, people familiar with the matter told Bloomberg, though they cautioned the president’s plans remained fluid ahead of the official announcement.
EU will judge Russia by its actions, not words... As we reported in Tuesday’s “Evening Report,” the U.S. reached separate deals with Ukraine and Russia to pause their attacks in the Black Sea and against energy targets. Moscow said the agreement would require sanctions relief including restoring links between Russia’s agricultural export bank and the SWIFT international payments system. That and other steps could require agreement from European countries.
The European Commission is taking a wait-and-see approach, saying: “Russia must now demonstrate genuine political will to end its illegal and unprovoked war of aggression. Experience has shown that Russia must be judged by its actions, not by its words.”
Rollins addresses egg prices, ‘woke’ spending and the future of food aid... USDA Secretary Brooke Rollins credited President Donald Trump’s new term and aggressive USDA reforms for a nearly 60% drop in wholesale egg prices, noting the retail cost will likely follow soon. “We rolled out a big, bold plan... biosecurity, deregulation, repopulation and importing eggs from other countries,” Rollins told Fox Business. While warning that Easter demand may cause a short-term price bump, she remained optimistic about the trajectory: “Hopefully this is the long-term trajectory as this president works to bring the prices down for all Americans.”
In a pointed segment, Rollins slammed spending under the Biden administration, highlighting examples of what she called “corrupt rot” across USDA programs: “We have already canceled hundreds of millions of dollars in contracts, and there are absolutely more coming every single day,” Rollins said.
Rollins also addressed criticism from Senate Democrats about ending a $2 billion Covid-era food purchasing program, saying it was overdue for termination. “We only canceled the back half... the states couldn’t even spend the money quickly enough,” she said. Instead, Rollins pointed to a newly launched $200 million food bank program focused on locally sourced, nutritious foods. “We are repurposing those funds where it really matters and where they will make a difference now,” Rollins concluded.
Greer voices ‘serious concerns’ with China’s trade practices, policies... U.S. Trade Representative Jamieson Greer held a videoconference with China’s Vice Premier He Lifeng, during which Greer expressed “serious concerns” over China’s trade policies and practices, according to a statement. Both sides agreed on the importance of continued communication.
Focal points for potential increased ag trade... Several regions and countries present opportunities for new trade agreements or increased demand that could benefit U.S. agricultural exports in the event of an escalated and prolonged trade war:
- Southeast Asia: Countries like Indonesia and Vietnam are showing increased demand for U.S. wheat and dairy products. These emerging markets with growing middle classes offer significant potential for expanded ag trade.
- Middle East: Middle Eastern markets are importing more beef and poultry from the United States. Developing stronger trade ties in this region could further boost exports of these products.
- European Union: While already a significant trading partner, there’s potential for growth, particularly in exports of distilled spirits and tree nuts.
- United Kingdom: A bipartisan bill is encouraging the pursuit of a trade deal with the UK, which could open up new opportunities for U.S. ag exports.
- Latin America: Countries in this region, particularly in the Andean region, Caribbean and Central America, have shown increased imports of U.S. ag products when trade disruptions occur with other partners. Formalizing trade agreements could solidify these opportunities.
- India, Bangladesh & Malaysia: These countries have emerging middle classes, creating new trade opportunities.
- North Africa: This region has a growing middle class and increasing demand for high-protein foods.
Mexico, Canada and China remain the top destinations for U.S. ag exports. Strengthening existing agreements or negotiating new terms with these major partners could significantly benefit U.S. exports.
Bigger hog herd expected... USDA’s Hogs & Pigs Report is expected to show a 1.2% increase in the U.S. hog herd as of March 1, based on a Reuters survey. The breeding herd is expected to increase 0.2%, while the market hog inventory is anticipated to be 1.1% bigger than last year. The winter pig crop is expected to have increased 1.8% from last year. Revisions to past data are likely as first quarter slaughter ran below levels implied by the December H&P Report.
| Hogs & Pigs Report | Average estimate (% of year-ago) | Range of estimates (% of year-ago) |
| All hogs on March 1 | 101.2 | 100.2 – 101.9 |
| Kept for breeding | 100.2 | 99.9 – 100.6 |
| Kept for marketing | 101.1 | 100.2 – 102.0 |
| Market hog inventory | ||
| under 50 lbs. | 101.7 | 100.4 – 102.4 |
| 50 lbs.-119 lbs. | 101.8 | 100.3 – 103.5 |
| 120 lbs.-179 lbs. | 100.6 | 98.5 – 102.3 |
| Over 180 lbs. | 100.6 | 99.0 – 102.3 |
| Pig crop (Dec.-Feb.) | 101.8 | 101.0 – 103.0 |
| Pigs per litter (Dec.-Feb.) | 101.7 | 101.0 – 102.9 |
| Farrowings (Dec.-Feb.) | 100.0 | 99.9 – 100.1 |
| Farrowing intentions (March-May) | 101.3 | 100.4 – 102.0 |
| Farrowing intentions (June-Aug.) | 100.5 | 100.0 – 101.8 |
Thune pushes estate tax repeal as key GOP priority in tax package talks... Senate Majority Leader John Thune (R-S.D.)is calling for a full repeal of the estate tax as Republicans negotiate a sweeping tax cut package. Framing it as protection for family-owned farms and businesses, Thune’s push centers on eliminating the 40% levy applied to estates exceeding $13.99 million. With the current Trump-era exemption set to expire in 2025, the GOP is racing to act. “I continue to advocate for eliminating the death tax once and for all, so no farmer or rancher has to worry about whether the family farm or ranch will be able to stay in the family after they pass,” Thune said on the Senate floor Wednesday.
The estate tax affects less than 0.1% of Americans, but repeal is a long-standing Republican goal. It has gained traction with 46 Senate supporters and widespread House backing.
Eliminating the tax would cost an estimated $300 billion over a decade and would be added to an already ambitious $4.5 trillion tax blueprint. GOP leaders are weighing competing priorities, from Trump’s proposed cuts on tips and Social Security to an expanded SALT deduction.
While full repeal remains uncertain, influential voices, including Vice President JD Vance and several Trump-aligned senators, support Thune’s effort — a signal that estate tax reform could become a central battleground in the coming tax negotiations.
GOP nears deal on tax cuts and debt ceiling amid party divisions... Republican leaders say they’re nearing a deal to extend President Trump’s 2017 tax cuts and raise the debt ceiling, aiming for passage of a major economic package by the end of May. House Speaker Mike Johnson (R-La.) and Thune signaled growing alignment between the chambers after a key meeting Tuesday. Treasury Secretary Scott Bessent, along with Trump’s National Economic Council Director Kevin Hassett, hosted the meeting of the “Big Six” tax negotiators at the Treasury Department with Thune and Johnson. Sen. Mike Crapo (R-Id.) and Rep. Jason Smith (R-Mo.), who chair the tax committees in each chamber, also attended.
The House plan ties the debt ceiling increase to the tax bill, pressuring lawmakers to act before the U.S. approaches its borrowing limit this summer or fall. Republicans are pushing for a pre-Memorial Day vote, though internal divisions remain over the scale of tax cuts, spending offsets, and concerns about Medicaid reductions. Senate Republicans have hesitated to embrace the House’s $4.5 trillion tax plan with $2 trillion in spending cuts, with some favoring deeper tax breaks without added cuts.
Thune told Republicans to expect a vote on a compromise budget resolution the week of April 7.
Supreme Court weighs venue for refinery exemption disputes... On Tuesday, the U.S. Supreme Court heard EPA v. Calumet Shreveport Refining, LLC, a case that could reshape how legal challenges to small-refinery exemptions (SREs) under the Renewable Fuel Standard (RFS) are handled. At issue is whether such challenges should be heard in the D.C. Circuit to ensure consistency or in regional courts closer to the refineries. EPA and Biofuel Advocates argued for centralization in the D.C. Circuit to maintain uniformity in interpreting the RFS, a national program. Refiners pushed for local court jurisdiction, citing the individualized nature of SRE cases and the need for local context.
Background: A 2023 Fifth Circuit ruling broke with other appellate courts by claiming jurisdiction over SRE cases, sparking a venue split and concerns over “venue shopping” by refiners seeking favorable outcomes.
Bottom line: The Court’s decision will likely influence how future SRE disputes are litigated and could have significant implications for both the refining and biofuel sectors.
Court reinstates Alaska’s ANWR oil and gas leases... A federal judge overturned the Biden administration’s cancellation of seven oil and gas leases in the Arctic National Wildlife Refuge (ANWR). U.S. District Judge Sharon Gleason ruled that only courts — not the executive branch — have the authority to revoke the leases, referencing a 2017 tax law. The decision supports a Trump-era executive order reinstating the leases and was welcomed by Alaska Governor Mike Dunleavy.