
The Biden administration sent its FY2022 budget request to Congress, which includes a USDA budget that is $17.4 billion lower than FY2021 as pandemic aid winds down. Discretionary spending would rise about 9% to $29.9 billion.
Lower mandatory farm spending reflects the end of emergency aid, but the budget is only a request and has no direct effect on commodity supply or prices.
After 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.