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Saturday, February 7 marks one year anniversary of 2014 Farm Bill

Farm Bill brought more funding to a variety of agriculture initiatives

By Diego Flammini, Farms.com

There’s a very special anniversary taking place on Saturday, February 7.

It was on February 7, 2014 that US President Barack Obama signed the 2014 Farm Bill into law.

At the time, the US Senate Committee on Agriculture, Nutrition & Forestry called it “the most significant reform of American agriculture policy in decades.” The bill reduces the country’s deficit by $23 billion.

On the eve of the anniversary, Secretary Tom Vilsack said the legislation affects more than just farmers and food producers.

"Thanks to the Farm Bill, farmers have a common-sense risk management system in place to protect their families and livelihoods from future disasters,” he said in a release. “It's helped families become first time home buyers. It's supported rural businesses as they grow and create jobs. Communities have clean drinking water, some for the first time. Farm Bill disaster assistance programs have helped to rebuild lives.”

Almost every aspect of agriculture in the United States is set to benefit from the 2014 Farm Bill including providing $100 million in funding for the Beginning Farmers and Ranchers Development Program, $200 million for an agricultural research foundation, $150 million for water and wastewater support and restored disaster assistance back to 2011 and is going to establish a permanent program for livestock disaster.


 


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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.