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Food Stamps Kills Farm Bill

Food Stamps Kills Farm Bill

U.S. House Defeats Farm Bill

By Amanda Brodhagen, Farms.com

The Republican controlled House rejected the massive Farm Bill on Thursday - the vote was 234-195 against the measure.

The majority of Democrats in the House, 24, voted no because they opposed the food stamp cuts. But Democrats weren’t the only ones who voted no, 62 Republicans also voted against the bill, which called for deeper cuts to food stamps. About 80 percent of the farm bill currently goes towards food stamps, while the remaining falls under farm policy.

U.S. Agriculture Secretary Tom Vilsack calls the defeat of the farm bill “disappointing,” noting that a lack of leadership is to blame. Vilsack also said “the House version of this bill would have unfairly denied food assistance for millions of struggling families and their children, while failing to achieve needed reforms or critical investments to continue economic growth in rural America.”

Another extension of the 2008 farm bill would make most farmers happy, with dairy farmers being the exception.  If the bill is extended for the second time, that would mean that farmers would receive direct payments for crops, no changes to crop insurance and no cuts to food stamps.  
 


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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.