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American Farmers’ Hopes Dashed, New U.S. Farm Bill Won’t Happen in 2013

By Amanda Brodhagen, Farms.com

Agricultural lawmakers in the U.S. Congress said Tuesday that a new Farm Bill won’t be completed before January, 2014. Hyper partisan politics has stood in the way of Democrats and Republicans reaching a compromise on key parts of the legislation, such as funding for food stamps.

Chairman of the House Agricultural Committee, Republican Frank Lucas, said the House plans to draft a bill asking for a one-month extension on the current 2008 Farm Bill. While the Republicans are calling for an extension, Debbie Stabenow, chairwomen of the Senate Agricultural Committee said that Democrats will not support an extension and would rather allow the current Farm Bill law to expire at the end of the year.

The Farm Bill saga has been going on since mid-2012 and has been delayed numerous times over food stamps, a disagreement between Republicans and Democrats. House Republicans want to cut $40 billion over 10 years, while the Senate Democrats propose $4.5 billion in cuts.

Both the House and Senate versions of the bill would reduce spending on farm subsidies, conservation progress and food stamps. Overall, the Farm Bill is a $500 billion measure. The House will adjourn for the year on Friday, while the Senate is slated to finish up by Dec. 20.
 
 


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Funds Ditch Ag Commodities, Chase Stocks Amid an End to Middle East War, & Trade Deal Buzz

Video: Funds Ditch Ag Commodities, Chase Stocks Amid an End to Middle East War, & Trade Deal Buzz


The 12-day war between Iran-Israel came to an end sending crude oil futures plunging as the big fund speculators removed the war risk premium.

The weather risk premium in the Ag complex is sending corn, wheat and soybean futures lower on month-end selling ahead of the market moving USDA quarterly grain stocks and acreage reports on June 30th.

Instead, funds were chasing and sending tech stocks higher with the S&P 500/NASDAQ indexes setting new all-time record highs!

June 1 USDA Hogs and pigs report was slightly bearish while the U.S. $ Index traded to new contract lows as the de-dollarization that began in 2014 continues.

Feed in the form of soybean meal futures for livestock producers got cheaper, trading to new contract lows.

The Stats Canada seeded acreage update was bullish canola and wheat.