China is warning that an “overreaction” to the coronavirus outbreak, in the form of new trade restrictions, could leave a dent in global economic growth, while Federal Reserve Chair Jerome Powell expects some impact on the U.S. economy. (Politico)

Farmdoc analysts will hold a webinar on February 24th 11 am to 12 pm CST to review the February 20th release of 2019 county yields for corn and soybeans. The webinar is sponsored by Illinois Farm Bureau, Illinois Corn Growers Association and COUNTRY Financial. Register online here.

USDA’s most recent Farm Income Forecast, released Feb. 5, predicted farm income to decline in 2020. USDA’s Farm Income Forecast also predicted farm income to increase in 2020. You read that right, USDA is projecting farm income in 2020 to both rise and fall. (Farm Bureau)

The Office of Management and Budget (OMB) today released a proposed Fiscal Year 2021 budget that includes steep cuts to the Department of Agriculture and federal crop insurance. (Successful Farming)

President Donald Trump’s election-year budget proposes $1 trillion in infrastructure spending, including $25 billion earmarked for rural America, while reprising recommendations for slashing farm programs and nutrition assistance. (Agri-Pulse)

An emboldened President Donald Trump has set his sights on restructuring the more than $1 trillion U.S. trade relationship with the European Union, raising the specter of another major trade war as the global economy slows and he seeks re-election. (Reuters)