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

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. 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. Read more