Farm Income UP, Crop Receipts DOWN (Government Assistance to the Rescue)
Farm Income UP, Crop Receipts DOWN (Government Assistance to the Rescue)  
Podcast: Grain Markets and Other Stuff
Published On: Mon Feb 10 2025
Description: Joe's Premium Subscription: www.standardgrain.comGrain Markets and Other Stuff Links-Apple PodcastsSpotifyTikTokYouTubeFutures and options trading involves risk of loss and is not suitable for everyone.US Farmer Income Soars With Government Aid 🌾💰US net farm income is projected to rise by 30% this year, reaching $180.1 billion. This increase is largely driven by government disaster payments, which will contribute over 80% of the growth. While total crop receipts are expected to decline by 2.3%, the overall farm income is still higher than the 20-year average. However, it remains 8.9% lower than the record earnings of 2022. 📉Trump Announces 25% Tariffs on Steel & Aluminum 🛠️📈President Trump declared a 25% tariff on all imports of steel and aluminum, with reciprocal tariffs set to take effect this week. This follows recent announcements of a temporary suspension of universal tariffs on Canada and Mexico. The steel and aluminum tariffs target major suppliers like Canada, China, and Mexico. 💥USDA Freezes Funding for Conservation Programs 🌱💵The USDA has paused funding for agricultural conservation programs as part of the Trump administration's review of federal spending. Although farmer aid is supposed to remain unaffected, this freeze impacts conservation initiatives tied to the Inflation Reduction Act. Legal challenges are ongoing regarding the funding freeze. ⚖️Rain Brings Relief to Argentina’s Soybean Crop 🌧️🌱Rainfall across Argentina last week offered much-needed relief to the soybean crop. The Rosario grains exchange lowered the percentage of early-planted soybeans in poor condition from 50% to 30%. However, some areas in northeastern Argentina still need rain. 🌍Funds Boost Corn Position 🌽📈Large money managers increased their net-long position in corn futures last week. The net long of 362k contracts is the highest since April 2022, indicating strong bullish sentiment in the corn market. The funds were also net buyers of SRW wheat. 🌾USDA Crop Production & WASDE Report Coming Soon 📊🌾The USDA will release its monthly Crop Production and WASDE reports on Tuesday, with traders expecting small revisions to US corn and soybean ending stocks, as well as global crop estimates. The official 2025/2026 balance sheets will be released later in May. 🗓️Trump Discusses Peace Talks with Putin 🇷🇺🤝🇺🇸President Trump and Vladimir Putin have discussed ending the war between Russia and Ukraine. Trump claims Putin is interested in stopping the conflict, and a meeting with Ukrainian President Zelenskiy is expected to occur soon to discuss efforts for peace. 🕊️