# Statutory Reference Prices and the Next Farm Bill - farmdoc daily

> University of Illinois and Ohio State economists analyze proposed increases to statutory reference prices in the House and Senate farm bills. They find that raising reference prices would raise PLC payments much more for peanuts, rice and seed cotton than for corn, soybeans and wheat. The increase would be the largest federal spending item in the commodity title.

- Date: 2024-05-15 · published 2024-05-15T12:00:00.000Z
- Category: policy · region US · magnitude low
- Page: https://feedsoft.ai/events/30236-statutory-reference-prices-and-the-next-farm-bill-farmdoc-daily
- Commodities: [Rough Rice](https://feedsoft.ai/c/RICE.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Higher reference prices would boost program payments and encourage production, particularly in rice and peanuts, which is mildly bearish for those crops' prices.

## Read by commodity

- SOY: neutral
- CORN: neutral
- RICE: bearish ▼
- WHEAT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| RICE | 2019-09-05 | [ANALYSIS Plummeting rice prices: How will our rice farmers cope?](https://feedsoft.ai/events/57149-analysis-plummeting-rice-prices-how-will-our-rice-farmers-cope.md) | +1.2% | +0.1% |
| RICE | 2019-04-09 | [Slump in rice farm-gate prices due to import liberalization? \| ABS-CBN](https://feedsoft.ai/events/59668-slump-in-rice-farm-gate-prices-due-to-import-liberalization-abs-cbn.md) | +1.3% | +2.2% |
| RICE | 2019-11-18 | [Finance dep’t notes ‘disconnect’ between rice farmgate, retail prices - BusinessWorld Online](https://feedsoft.ai/events/56133-finance-dep-t-notes-disconnect-between-rice-farmgate-retail-prices.md) | +2.4% | +6.0% |
| RICE | 2019-12-02 | [Solutions chased as falling prices hit the Philippines - World - Chinadaily.com.cn](https://feedsoft.ai/events/55673-solutions-chased-as-falling-prices-hit-the-philippines-world-chinadaily-com-cn.md) | -1.4% | +3.8% |
| RICE | 2019-08-08 | [Farmers wary of further palay price declines as traders reluctant to buy - BusinessWorld Online](https://feedsoft.ai/events/57672-farmers-wary-of-further-palay-price-declines-as-traders-reluctant-to-buy.md) | +1.1% | +2.8% |
| CORN | 2018-01-05 | [IFES 2017: Farm Policy Review and Outlook for the 2018 Farm Bill - farmdoc daily](https://feedsoft.ai/events/66971-ifes-2017-farm-policy-review-and-outlook-for-the-2018-farm-bill-farmdoc-daily.md) | -0.4% | +2.4% |
| CORN | 2025-01-28 | [The 2025 Farm Bill What-If Tool - farmdoc daily](https://feedsoft.ai/events/26504-the-2025-farm-bill-what-if-tool-farmdoc-daily.md) | +0.7% | -0.3% |
| CORN | 2019-02-22 | [2018 Farm Bill Reference Price Escalator for 2019 Market Year - ProAg](https://feedsoft.ai/events/60718-2018-farm-bill-reference-price-escalator-for-2019-market-year-proag.md) | -1.3% | +2.0% |

## Sources

- farmdocdaily.illinois.edu: https://farmdocdaily.illinois.edu/2024/05/statutory-reference-prices-and-the-next-farm-bill.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.