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The Justice Department on Friday closed a criminal investigation of Federal Reserve Chair Jerome Powell in a bid to clear a logjam that has stalled the confirmation of Kevin Warsh to be his successor. The probe has centered on testimony Powell delivered to Congress about cost overruns on the renovation of the Fed’s headquarters. Sen. Thom Tillis, a North Carolina Republican, has blocked consideration of Warsh’s nomination to succeed Powell, charging that the probe was merely an effort to intimidate the Fed into lowering interest rates.
The Fed’s inspector general will instead conduct an inquiry into the construction project. Powell’s term as chair ends on May 15.
Powell has pledged to remain at the Fed in his role as a member of the Board of Governors, a term that runs until 2028, until the probe is resolved with “transparency and finality,” Bloomberg noted. Observing that Pirro had raised the prospect of reopening the probe at a later date, the announcement might not be enough to meet Powell’s precondition, Derek Tang of Monetary Policy Advisors told Bloomberg.
SDRP ‘top up’: USDA Secretary Brooke Rollins on Friday announced a second round of Supplemental Disaster Relief Program (SDRP) payments for producers with approved applications for 2023 and 2024 natural disaster losses. USDA said it would double the payment factor from 35% to 70%. In other words, producers who initially received payments equal to 35% of allowable economic loss will receive a check covering another 35% of that loss. USDA, in a news release, said those producers will see the additional calculated payment issued shortly.
Deadline extension: To allow more time for application adjustments, the USDA has extended the deadline for both Stage 1 and Stage 2 SDRP applications from April 30 to Aug. 12, 2026.
Program Details:
- Stage 1: For producers who received crop insurance or Noninsured Crop Disaster Assistance Program (NAP) indemnities for 2023/2024 losses.
- Stage 2: Covers eligible crop, tree, bush and vine losses that were not covered under Stage One program provisions, including non-indemnified (shallow loss), uncovered and quality losses.
- Eligibility: Eligible losses must be the result of natural disasters occurring in calendar years 2023 and/or 2024. These disasters include wildfires, hurricanes, floods, derechos, excessive heat, tornadoes, winter storms, freeze (including a polar vortex), smoke exposure, excessive moisture, qualifying drought, and related conditions. To qualify for drought related losses, the loss must have occurred in a county rated by the U.S. Drought Monitor as having a D2 (severe drought) for eight consecutive weeks, D3 (extreme drought), or greater intensity level during the applicable calendar year.
- Exclusions: Producers in Connecticut, Hawaii, Maine, and Massachusetts are ineligible as those states are receiving separate block grants.
Extended waiver: Also Friday, the White House said President Trump granted a 90-day extension to a shipping waiver that makes it easier to move oil, fuel and fertilizer around the United States in a bid to curb rising energy and fertilizer costs. Reuters said the move reflects a broader push by the White House to dampen politically sensitive fuel price spikes ahead of November’s midterm elections, noting that recent polling shows Trump and Republicans losing ground on the economy — once a core political strength. The decision extends an existing waiver that was set to expire on May 17 by three months, allowing foreign-flagged vessels to move commodities between U.S. ports through mid-August.
Cold storage: USDA’s monthly Cold Storage report released Friday afternoon showed total red meat supplies in freezers as of March 31 were down slightly from the previous month and down 2% from last year.
- There were 425.2 million pounds of beef in freezers, down 2% from February and down 3% from last year.
- Frozen pork supplies totaled 411.3 million pounds, up 2% from the previous month and up slightly from last year. Stocks of pork bellies at 47.3 million pounds were up 5% from last month but down 13% from last year.
- Total frozen poultry stocks came in at 1.02 billion pounds, little changed from last month and down 5% from a year ago. Total chicken stocks declined to 746.8 million pounds, down 3% from February and a year ago.
Brazil testing 20% biodiesel blend: Researchers at Brazil’s Maua Institute of Technology will begin tests next month examining the efficacy of raising the blend of biodiesel in diesel to 20%, Reuters reported. Brazil is a biofuels powerhouse, producing fuels from soy and sugarcane with current mandated blends of 15% biodiesel in diesel and 30% ethanol in gasoline, the report noted.
- Note: Pressure has been building as a result of the U.S.-Israel war with Iran to raise mandated blends in an effort to reduce reliance on fossil fuel. That’s part of a broader global jump in biofuel demand.
EU corn acres to slip below key threshold: The European Union’s grain maize area is expected to slip below 8 million hectares (19.77 million acres) in 2026 for the first time this century, Reuters reported, citing analysis by crop forecasters Expana and Argus Media reflecting the impact of war-fueled input inflation and weather risks. In France, the largest producer, growers group AGPM forecasts a 10%–15% area contraction—a loss of approximately 200,000 hectares (494,210 acres)—as farmers pivot to higher-margin oilseeds like sunflowers. That said, a dry spell allowed French planting to reach 56% completion by Monday—ahead of the five-year average—though analysts say May rains will be critical for early growth.
Elsewhere in the EU:
- Poland: Area is projected to decline slightly to about 1.25 million hectares (3.09 million acres) from around 1.3 million hectares (3.21 million acres) last year, Reuters said. Analysts at Sparks Polska note that while fertilizer costs are a headwind, lack of planting alternatives and recent price strength may limit the pull-back.
- Germany: Bucking the trend, plantings are forecast to rise 3.5% to 507,000 hectares (1.25 million acres), the report said, noting that German cooperatives report many producers secured fertilizer supplies before the Iran war began, insulating them from the recent price spike.
Malaysia grain demand bid: Malaysia’s reliance on grain imports will continue to rise in the 2026-27 marketing year, according to a USDA Global Agricultural Information Network (GAIN) report, which are produced by U.S. agricultural attaches stationed worldwide.. Driven by a robust expansion in the poultry sector as consumers pivot toward chicken as their primary protein, corn consumption is projected to climb. With zero domestic production, the country remains 100% dependent on the global market to fill this growing feed gap, the report noted. Wheat imports are also expected to rise, fueled by a surge in urban demand and food processing.
Russian firm shuts pig farms near Ukraine: Russia’s biggest listed agricultural company Rusagro on Friday announced it would shut down three pig farms in the Belgorod region, which borders Ukraine and has been a target of frequent attacks during the conflict, according to Reuters. The company cited high risks for farm personnel as the reason for the decision. The closure is expected to reduce Rusagro’s pork output by around 4% to 141,000 tons.
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