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The recently passed continuing resolution by Congress provides temporary relief to U.S. farmers by extending the 2018 Farm Bill for one year and including a $10 billion financial aid package. Payments will be made based on acres planted or prevented from being planted in 2024, with specific per-acre rates for various crops, such as $31.80 for wheat and $43.80 for corn. Agricultural leaders view the resolution as a short-term fix, emphasizing the need for a comprehensive five-year farm bill in 2025. Agricultural leaders stress the importance of collaboration and political commitment to address long-term challenges facing the farming sector.

The USDA announced a second round of Regional Agricultural Promotion Program (RAPP) grants allocating $300 million to support American food and agricultural exports in emerging markets. These grants target regions with rising consumer demand and growing middle classes, such as Africa, Latin America, and South/Southeast Asia, to diversify U.S. export markets. RAPP funding, alongside Market Access Program grants, strengthens competitiveness in global markets. The grants also support key export initiatives for commodities helping drive growth in international markets and boost demand for high-quality U.S. agricultural products.

The global wheat market has stabilized after years of volatility, with prices recovering to around $250/MT. However, U.S. farmers, including those in Idaho, face ongoing challenges from high input costs, inflation, and strong currency pressures, which strain profitability. Wheat production has become less profitable compared to other crops, leading to reduced planted acreage. For Idaho, a major wheat-producing state, these trends underscore the importance of resilient policies to support farmers. Despite uncertainties, Idaho wheat growers remain committed to delivering high-quality products, relying on the Columbia and Snake River systems for global distribution.

In 2024, global wheat supplies increased due to higher production in Russia and the U.S., driving prices down. Soft white wheat production in the Pacific Northwest, including Idaho, also grew slightly. While low prices challenge markets, they may enhance U.S. export competitiveness, particularly in East Asia. Global factors like reduced EU production, Russian export quotas, and low global ending stocks could support price recovery. U.S. wheat exports are growing, fueled by increased international demand. Idaho’s acreage is stable, with increasing yields and prices over the past decade, bolstered by post-pandemic market trends.