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Republican Leader Austin Scott gave opening remarks at a House Agriculture subcommittee hearing on the efficacy of the farm safety net. He cited pandemic market disruption, drought, wildfires, hurricanes, and rising energy, input and feed costs.
He said the 2023 Farm Bill must maintain a reliable safety net.
The hearing signals possible future changes to farm safety net programs, but it does not change near-term supply or demand for feed commodities. Its effect on prices is indirect and not immediate.
agriculture.house.govJun 23, 2021After 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.
