While Congress is finishing the last six appropriations bills for FY 2024 (with a deadline of this Friday), President Biden submitted his FY 2025 budget proposal last week with few changes proposed to USDA’s budget.
Overall, USDA spending under the President’s request is $231 billion, down from the forecast $238 billion in FY 2024 and up from $229 billion in FY 2023. That request assumes current law, i.e., the 2018 farm bill. Mandatory spending is comprised of program funding, such as crop support, conservation, and nutrition programs. Discretionary spending is the annually appropriated funds that are for salaries and operating funds for the year. The breakdown of mandatory spending projected for FY 2025 is shown...
Key Market Insights The broad market is locked in on this week’s Trump-Xi meeting in Beijing, but this is no longer just a trade summit. Increasingly, the meeting is becoming tied directly to Iran, energy security, and the growing global economic fallout from disruptions through the Strai...
