Agri-Pulse DriveTime

The budget reconciliation battle in the House of Representatives may be a precursor to bigger financial decisions lawmakers will have to face following another downgrade of the nation's economy.

Farm safety net improvements are included in the House Ag Committee's budget reconciliation proposal. NAWG CEO Chandler Goule says there is still farm bill work to be done.

Soybean and soybean oil prices fell on fears that export sales would fall without a tariff agreement with China and rumors of reduced federal support for renewable fuels by the Trump EPA.

Proposed budget reconciliation legislation would provide much needed tax benefits for small business and farmers, but would reduce overall nutrition assistance as well as shift some of the expense for SNAP benefits to states based on error rates.

The Consumer Price Index suggest grocery prices fell in April while the cost of eating out rose. The renewable fuel industry is encouraged by a potential extension of the 45Z tax credit under consideration in the tax reconciliation package.

The USDA May WASDE report indicated large crops and tighter ending stocks than traders expected.  Agrochemical makers received legislative protection in another state over pesticide labels.

President Trump's trade tactics have brought the Chinese to the negotiating table. John Bode with the Corn Refiners Association applauds legislation to assist the bioeconomy.

The Trump administration announced a trade agreement with the United Kingdom. Farm groups celebrated the victory. The nation's corn growers want Trump to focus on market access to India.

House Agriculture Committee Chairman Glenn Thompson and Ranking Member Angie Craig  disagree on using reconciliation to approve a portion of farm programs. Craig says she can deliver votes for a full five year farm bill.

USDA Secretary Brooke Rollins told farm broadcasters the department's downsizing plan would be released next week. Rollins said President Trump would soon be announcing new global trade agreements.