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Congress passed a one-year extension of the farm bill in a November budget deal, with a new agreement due by September 2024. Debate over SNAP funding is already building, with some Republicans proposing cuts and tighter work requirements.
SNAP accounts for nearly 80% of farm bill spending.
The extension leaves commodity programs in place for now, reducing near-term policy uncertainty for grain and oilseed prices. Partisan fights over the bill's structure could still delay a long-term safety net.
medillonthehill.medill.northwestern.eduKristen Axtman, Kunjal BastolaDec 7, 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.
