
The Senate passed the budget reconciliation bill on July 1, 2025, and the House approved the Senate version on July 3, sending it to the president. The farmdoc daily article presents Policy Design Lab projections of ARC-CO and PLC payments under the current policy and the bill's changes.
Larger projected ARC and PLC payments support farm revenue and keep acreage in corn, soybeans and wheat, which weighs on longer-term prices. The projections show where payments are concentrated by crop and county.
After 310 past bearish policy events, CORN moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.6% over 20.
After 369 past bearish policy events, SOY moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.8%), and +0.8% over 20.
After 122 past bearish policy events, WHEAT moved a median -0.3% over 5 sessions (44% higher; middle half -1.9% to +1.2%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.