As Inflation and Geopolitical Concerns Fade, Domestic Issues Come to the Fore

Brian Earnest , Tanner Ehmke , Jacqui Fatka , Rob Fox , Corey Geiger , Jeff Johnston , Emmie Noyes , Christina Pope , Abbi Prins , Billy Roberts and Teri Viswanath

July 11, 2024

The U.S. economy continues to perform reasonably well by most metrics, but the red-hot labor market of the last two years is finally cooling off. The economy is typically voters’ top concern, but now it’s immigration policy, with strong public sentiment for stricter limits. However, the collapse of U.S. fertility rates means a steady flow of legal immigration will likely be the only way to maintain a stable labor force.

The current farm bill expires on Sept. 30, and Congress is nowhere near reauthorizing a replacement. Historically, the agriculture committees had been the most bipartisan group of legislators in the U.S. Congress; in our current embittered political environment, that’s no longer the case.

Grain and oilseed prices are back to near pre-Ukraine invasion levels. Unfortunately, combined with elevated farming costs, the lower prices will hurt crop profitability. Livestock producers will fare relatively better, but also face headwinds from the strong U.S. dollar and increasing trade frictions. Rural utilities have quickly become among the most dynamic industries with wireless operators scrambling for fiber capabilities and energy providers looking at solar solutions and end-user behavior to head off the oncoming electricity crunch.

Read the Report

In this issue

  • Spotlight
  • Macroeconomic Outlook
  • Government Affairs
  • Grains and Oilseeds
  • Farm Supply
  • Biofuels
  • Animal Protein
  • Dairy
  • Cotton, Rice and Sugar
  • Specialty Crops
  • Food and Beverage
  • Power, Energy and Water
  • Digital Infrastructure
 
 

Disclaimer: The information provided in this report is not intended to be investment, tax, or legal advice and should not be relied upon by recipients for such purposes. The information contained in this report has been compiled from what CoBank regards as reliable sources. However, CoBank does not make any representation or warranty regarding the content, and disclaims any responsibility for the information, materials, third-party opinions, and data included in this report. In no event will CoBank be liable for any decision made or actions taken by any person or persons relying on the information contained in this report.

 
 
 
 

Stay ahead of the game in your field. Subscribe today.

Get CoBank's industry-leading Knowledge Exchange research reports delivered straight to your inbox as soon as they're released.

Subscribe to Reports

Have a comment or question about these reports?

Contact CoBank's Knowledge Exchange team to ask questions, engage with analysts or receive additional information.

Contact Us