A new report from CoBank says rapidly worsening expectations about everything from inflation to personal income to business conditions and labor supplies are elevating economic concerns. The question of whether the declining expectations will translate into slower spending and tightening profit margins will likely come into view by late June. Uncertainty over trade and biofuel policy pulled corn, soybean, and wheat prices down last quarter despite the weaker U.S. dollar. Trade concerns weighed heaviest on wheat as world buyers have multiple suppliers available. Crop production expenses are expected to continue trending lower, but they remain elevated in relation to lower commodity prices. Also, renewable diesel and biodiesel production has scaled back to find stability in the absence of the blender’s tax credit, pushing prices above petroleum. Record high prices for beef cattle remain across the sector despite continuing herd liquidation. The U.S. pork sector is positioned for moderate growth this year.