Economy and Trade

Representative Dan Newhouse said he thinks the farming community will benefit greatly with the return of President Trump.  The Central Washington Republican said trade has been one of his biggest frustrations with this current administration, which as he pointed out is vital for the state’s farm economy.   “I rea...

A company letter released this week said Cargill will permanently terminate almost 500 employees in Minnesota, home to the company’s corporate headquarters.  The terminations will begin on February 5th.  Cargill recently announced it would cut approximately 5% of its overall staff after revenue took a hit in its most recent fiscal year thanks to a big slump in crop prices.   In ad...

Net farm income, a broad measure of profits, is forecast at $149.7 billion in calendar year 2024, down by $6 billion, or 4.1%, relative to 2023.  Inflation-adjusted farm income is forecast to drop by $9.5 billion, which comes out to 6.3%.  Desp...

The USDA is projecting another record Ag trade deficit this fiscal year as imports surge and exports lag.  USDA Chief Economist Seth Meyer says this is the 3rd year of this current trend.   “From ’23 to ’24, we saw more than a 10-billion-dollar year-over-year increase. This year, we’re looking at som...

Farmers are feeling more confident about the ag economy.  The November Purdue University/CME Group Ag Economy Barometer climbing 30 points to a reading of 145.  This marked the highest level of farmer optimism since May 2021, driven by considerable gains in both the Current Conditions and Future Expectations indices.  The Future Expect...

Across Washington, farmers, commodity groups, economists have discussed what a trying year 2024 has been for the agriculture community.   Add to that list the voice of Derek Sandison.    The Director of the Washington State Department of Agriculture says across the board, farming is very challenging right now.  Sandison not...

VANE, a leading provider of specialty agricultural insurance, is expanding its agricultural risk management portfolio to offer insurance coverage for agricultural financing and lending institutions.   “We focus on providing products to the agribusiness community that provides products and services to farmers," said Don Preusser, founder and president of VANE.  "So, if ...

Oil prices really didn’t move much during the holiday week.  Currently, a barrel of West Texas Crude is trading around $69; the same price we’ve seen for the past couple of weeks.  That has translated into lower fuel costs across the county.   According to the Department ...

Jamieson Greer is President-elect Trump’s nominee for U.S. Trade Representative.  Greer was an aide in the office during Trump’s first term and will help steer the incoming president’s trade agenda.  A graduate of the University of Virginia’s Law School, Greer was chief of staff to Robert Lighthizer, the U.S. Trade Rep during Trump’s first term in o...

China’s normalized trade status with the U.S. is now threatened by both President-elect Trump and a key member of Congress.  Trump is threatening not just steep tariffs on Chinese goods but revoking China’s routine trade status or its Permanent Normal Trade Relations with the U.S. that allowed its 2...