Philip Brasher

Donald Trump is headed back to the White House and he could have a sizable Republican majority in the Senate to help him confirm nominees and move his legislative priorities, notably an extension of expiring tax cuts. Trump predicted Republicans would hold on to the House.

Donald Trump has reclaimed the presidency, and Republicans will take charge of the Senate in January. Those results have big implications for a lot of issues, including trade and immigration as well as tax and regulatory policy that are critical to agriculture.

USDA lowered its forecasts for the soybean and corn harvests based on the latest conditions, but the cuts weren’t enough to raise the department’s price estimates for this year’s crops. The FAO Food Price Index hit 127.4 points last month, 2% above September and 5.5% above the level a year ago.

A possible relief package for farmers is in play as lawmakers return to Washington the first time since Donald Trump's sweeping victory, and Senate Republicans are set to elect a leader who will be critical to carrying out the president-elect's legislative agenda.

Congressional Republicans are likely to move quickly to carry out President-elect Donald Trump’s top legislative priority by extending expiring tax provisions and enacting new tax cuts, and some farm bill measures could go along for the ride.

Agricultural bankers report that farmers are significantly less profitable this year, especially in corn and other grains as well as in fruit and tree nuts, and delinquency rates are expected to begin rising.

President-elect Donald Trump announced Thursday night that North Dakota Gov. Doug Burgum will be nominated as interior secretary. Farm groups will be counting on the administration to roll back a series of regulations at Interior.

Lawmakers are stepping up their work this week on a package of disaster aid and relief for commodity price declines as they head toward having to pass another extension of the 2018 farm bill. Deputy Agriculture Secretary Xochitl Torres Small is scheduled to testify at a Senate hearing on disaster aid needs.

The White House formally asked Congress on Monday for $21 billion in disaster aid for farmers who have lost crops and livestock due to hurricanes, drought and wildfires over the past two years.

Leaders of the House and Senate Ag committees are in active discussions about putting elements of a farm bill in an end-of-the year aid package, including possible new funding for commodity programs as well as crop insurance reimbursements.