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A Farm Journal summary of the House Farm, Food, and National Security Act of 2024 outlines changes to crop insurance, including a Supplemental Coverage Option covering 90% of expected county yield. The bill raises crop reference prices by 10-20% across commodities and modifies payment limits and trade promotion programs.
Chairman Thompson said it would clear the May 23 committee markup.
Higher reference prices would raise PLC support and could keep more base acres in production, which is bearish for prices over time, though the bill is far from law.
profarmer.comJim WiesemeyerMay 17, 2024After 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.
