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AgWeb reviews House Ag Committee farm bill changes, including reference price increases of about 15% to 19% for wheat, soybeans, legumes and others, with the smallest increases for barley, oats and corn. It also covers a one-time base acre update that lets planted acres above base qualify for increases, and estimates the cost at $15 billion to $20 billion over ten years.
Higher reference prices and base acre updates would encourage planting of soybeans and wheat relative to corn, which affects future feed grain balances. The proposals are not final, so market effects are minimal today.
agweb.comCheyenne KramerJun 4, 2024After 554 past neutral policy events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.4% to +1.6%), and +0.6% over 20.
After 137 past neutral policy events, Wheat (SRW) moved a median -0.4% over 5 sessions (43% higher; middle half -1.9% to +1.2%), and +0.3% 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.
