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House Agriculture Committee negotiators are working to complete a new farm bill in the first quarter of 2024. Updating reference prices to reflect higher input costs and inflation could cost about $80 billion.
Negotiators are also balancing the nutrition title and considering stronger crop insurance as an alternative.
The cost of reference price increases could force trade-offs that determine the size of the farm safety net for grain and oilseed producers. Clarity on support levels can shape acreage and crop-marketing decisions over the coming year.
brownfieldagnews.comMark DorenkampDec 12, 2023After 1,623 past policy events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.4% to +1.5%), and +0.4% over 20.
After 1,905 past policy events, Soybeans moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.8%), and +0.2% over 20.
After 1,019 past policy events, Wheat (SRW) moved a median -0.1% over 5 sessions (49% higher; middle half -1.7% to +1.5%), and +0.2% 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.
