The Reconciliation Bills moving through Congress include proposals that would increase the number of base acres eligible for farm program payments. For farms that planted acreage to eligible crops from…

The June 1 inventory of all hogs and pigs, at 75.1 million head, is up 0.52% from last quarter and 0.33% higher than a year ago. Likewise, market hog inventories are up 0.57% from last quarter and 0.40% from a year ago. Meanwhile the breeding herd is the smallest in a decade, down 0.02% from last quarter and 0.47% from last year. This price series is forecast to average $98.23/cwt for the 3rd quarter of 2025, falling to $85.38/cwt by the 4th quarter and $84.09/cwt for the 1st quarter of 2026.

Nonemployer businesses serve as an important source of income for many individuals across the country and are essential components of vibrant local entrepreneurial ecosystems. In urban areas, a wide range of market opportunities allows individuals to pursue these businesses as either a primary occupation or a supplemental income stream. In rural regions, nonemployer activity is especially prominent in areas with large retiree populations and natural amenities.

Results from the May 2025 wave of the Gardner Food and Agricultural Policy Survey suggest that consumers may be feeling some relief on the inflation front. Perceptions of food affordability slightly increased and the reported impact of inflation decreased. Despite this, consumers are still facing much uncertainty around tariffs. Reported concern levels remain unchanged from February 2025, and more consumers are adapting purchasing behaviors.

US corn and soybean yields have deviated notably less from trend yields during the first quarter of the 21st Century than during the last quarter of the 20th Century. The decline is especially large for US corn if the 2012 drought is treated as an outlier event. Percent deviations from trend yield that have occurred so far in the 21st Century imply a 2025 US harvested yield distribution that varies from 142 to 205 for corn and from 43 to 57 for soybeans.

Both the House and Senate Reconciliation Bills include provisions to encourage the purchase of the Supplemental Coverage Option (SCO). Since 2015 when SCO was first offered, actual county-level yields of corn and soybeans in the Midwest have been above expected yields in most years, implying a continuation of historical increases in yield and lower expectations for indemnities. On the other hand, actual county-level yields have been below expected yields for the majority of years for cotton.