On this episode of Morning Coffee and Ag Markets, the conversation centers around the big questions facing agriculture as we look ahead to 2025. Riley, Hunter, Ryan, and Scott sit down over their coffee to discuss the current economic pressures on farmers, financial conditions, and the uncertain future of farm programs. With markets in flux and the expiration of the 2018 Farm Bill, there’s much to unpack. Join us as we explore the outlook for agriculture and the policy landscape in the year ahead.

1. Economic State of Play (Scott): Scott highlights the squeeze on farmers due to low prices and high production costs. Global supply chain issues, inflation, and rising input costs are major contributors, and Scott wonders if relief will come in 2025.
2. Financial Conditions (Ryan): Ryan addresses farm debt and the pressure from high interest rates. He questions whether the Federal Reserve's actions will help ease the financial strain on producers.
3. Farm Bill Status (Hunter): Hunter points out that the 2018 Farm Bill extension expired in September, leaving critical programs like Dairy Margin Coverage, CRP, and PLC without funding. He predicts an extension of the 2018 bill is likely, but other legislation, such as tax reform, may delay progress.
4. FSA Programs (Ryan): Ryan notes that programs like EQIP and CSP, authorized by the Inflation Reduction Act, will continue into 2025, but he’s curious about any new initiatives from the Farm Service Agency to support farmers.
5. FARM Act (Hunter, Scott): The FARM Act, unlike the traditional Farm Bill, focuses on direct payments to farmers based on expected income and production costs. It could provide relief but doesn't replace broader farm policy.

With critical programs at risk and the likelihood of another extension, the group is focused on how Washington will address these challenges moving forward.