# [2024-02-28] Ranking Member Boozman Opening Statement at USDA...

> Senate Agriculture Committee Ranking Member John Boozman cited USDA forecasts that net farm income will fall 27.1%, or $43.1 billion, in inflation-adjusted terms this year. He also cited USDA's forecast of lower prices for most major crops amid high input costs and export competition. Boozman said farmers are concerned about inflation, interest rates, regulation and trade deficits.

- Date: 2024-02-28 · published 2024-02-28T12:00:00.000Z
- Category: policy · region US · magnitude low
- Page: https://feedsoft.ai/events/31655-2024-02-28-ranking-member-boozman-opening-statement-at-usda
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

USDA's forecast of lower crop prices and export competition is a bearish signal for grain and oilseed markets. The farm income decline also reflects pressure that could reduce planted area or input purchases over time.

## Read by commodity

- SOY: bearish ▼
- CORN: bearish ▼
- WHEAT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2024-07-23 | [Ranking Member David Scott Opening Statement at Farm Financial Conditions Hearing \| House Agriculture Committee](https://feedsoft.ai/events/29251-ranking-member-david-scott-opening-statement-at-farm-financial-conditions.md) | -0.3% | -3.4% |
| CORN | 2020-04-16 | [Five oil-refining states ask US EPA to waive biofuel mandate amid plunging fuel demand \| S&P Global](https://feedsoft.ai/events/53530-five-oil-refining-states-ask-us-epa-to-waive-biofuel-mandate-amid-plunging-fuel.md) | -1.1% | -1.4% |
| CORN | 2023-07-03 | [Mexico's ban on tortillas made using GMO corn is an argument that can be tasted : NPR](https://feedsoft.ai/events/35024-mexico-s-ban-on-tortillas-made-using-gmo-corn-is-an-argument-that-can-be-tasted.md) | +1.4% | -5.6% |
| CORN | 2022-04-05 | [Mexico’s plan to ban glyphosate by 2024 is already backfiring against farmers, consumers and the environment](https://feedsoft.ai/events/41805-mexico-s-plan-to-ban-glyphosate-by-2024-is-already-backfiring-against-farmers.md) | -2.1% | -5.3% |
| CORN | 2019-01-15 | [Bold farm plans in Mexico offer a ray of hope in 2019 \| IATP](https://feedsoft.ai/events/61059-bold-farm-plans-in-mexico-offer-a-ray-of-hope-in-2019-iatp.md) | +0.5% | +0.8% |
| SOY | 2024-07-23 | [Ranking Member David Scott Opening Statement at Farm Financial Conditions Hearing \| House Agriculture Committee](https://feedsoft.ai/events/29251-ranking-member-david-scott-opening-statement-at-farm-financial-conditions.md) | -5.6% | -14.4% |
| SOY | 2019-12-16 | [Member States urge Commission to get real about fighting deforestation \| WWF](https://feedsoft.ai/events/55611-member-states-urge-commission-to-get-real-about-fighting-deforestation-wwf.md) | +2.3% | +2.3% |
| SOY | 2022-11-09 | [CRR Report (09th November 2022) - EU Deforestation Regulation: Traceability Requirement Impact on Soy and Beef in Brazil - AidEnvironment](https://feedsoft.ai/events/38691-crr-report-09th-november-2022-eu-deforestation-regulation-traceability.md) | +0.9% | +1.9% |

## Sources

- agriculture.senate.gov: https://www.agriculture.senate.gov/newsroom/rep/press/release/ranking-member-boozman-opening-statement-at-usda-oversight-hearing

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.