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USDA Deputy Secretary Stephen Censky says the Coronavirus Food Assistance Program sign-up deadline has been extended to September 11 and that less than half of the program's funds were committed as of early August. He adds that USDA just received $14 billion from the CCC, with its use still undetermined, and that no 2020 Market Facilitation Program payments are expected.
Continued federal aid supports farm incomes and production, which is mildly bearish for grain prices over time. The lack of new trade-related payments removes one source of support for farm margins.
farmprogress.comTom J Bechman 1Aug 24, 2020After 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, SOY 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 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.
