What to Expect in 2024
January 2024
The Torrey Advisory Group policy team was asked what they will be watching for in 2024 as it concerns the food and agriculture landscape.
As we enter 2024, there is already a significant amount of uncertainty around the ability of Congress to legislate. With appropriations deadlines looming, leadership appeared to make progress toward funding the government by announcing top-line funding levels, only for objections by the Freedom Caucus to insert uncertainty into the process.
With the number of other outstanding priorities for this Congress – from the farm bill to a tax package to fiscal year 2025 appropriations – all eyes are on the ability of Congress, and particularly the House, to avoid shutdown and fund the government. How Congress forges a path forward on the spending packaging will be instructional for others looking to walk the gauntlet on their priorities later this session.
In the meantime, the Administration has a limited window of time to get new rules and regulations finalized before the end of the current term, so the expectation is that we will see an aggressive regulatory agenda in the year ahead. All of this pressure will impact the food agriculture policy landscape in a myriad of ways. Below are some of the key dynamics the Torrey Advisory Group team is keeping an eye on in 2024.
Farm Bill
- Forward movement on a farm bill will only become more difficult the closer we get to the election
- The money problem – both finding it to spend on priority issues and getting the Congressional Budget Office to score proposals in a timely fashion
- Potential of the farm bill getting punted to the next Congress
Trade
- Greater engagement from Congress on trade matters
- Industry and market positioning ahead of 2026 USMCA review
- Efforts to turn the work of the Select Committee on China into legislation
Climate & Sustainability
- Continued action towards climate/ESG reporting post passage of California SB 261 & SB 253
- Early results from the Partnership for Climate-Smart Commodities grants
- EPA regulations, including proposed strategies for pesticide use as it relates to the Endangered Species Act
- Continued USDA and Treasury Department implementation of Inflation Reduction Act investments
Food & Nutrition
- Advancement of priorities identified in the White House Conference on Hunger, Nutrition and Health; including reformulation of the WIC package and an updated National School Lunch Program nutrition standards
- A kickstart to work on the 2025-2030 Dietary Guidelines for Americans
- Implementation of the new FDA Human Foods Program and reorganization
- Congressional debate of WIC program funding levels in Appropriations
Ag Research
- Ag research funding through annual appropriations and farm bill
- Focus on global competitiveness in ag research and innovation
Geopolitical
- U.S.-China relations pre- & post major events (e.g. elections in Taiwan)
- U.S. ability to respond to a growing number of global conflicts that impact everything from food security to commercial shipping routes
Elections
- Increasing election pressures throughout the year as filing deadlines, primaries and party conventions take place
- Retirements and implications for the 119th Congress
- The impact of the top of the Presidential election on down-ballot races
Visit Us on the Road
Team Torrey is hitting the road. Let us know if you will be attending any of these events. We would love to connect!
- Dairy Strong 2024 (1/16 – 1/18) – Green Bay, WI
- Dairy Forum (1/21 – 1/24) – Phoenix, AZ
- North Dakota Crop Insurance Conference (1/22 – 1/24) – Fargo, ND
- Crop Insurance & Reinsurance Bureau Annual Meeting (1/31 – 2/2) – Scottsdale, AZ
- 2024 Crop Insurance Industry Conference (2/4 – 2/7) – Scottsdale, AZ
- National Council of Farmer Cooperatives Annual Meeting (2/13 – 2/15) – Fort Lauderdale, FL
- USDA Ag Outlook Forum (2/15 – 2/16) – Arlington, VA
- Commodity Classic (2/29 – 3/2) – Houston, TX
