Senate farm bill expected to pass, debate on immigrant bill to return

Jun 10, 2013

Senate farm bill expected to pass, debate on immigrant bill to return

The U.S. Senate is due to vote on its five-year $94 billion farm bill Monday night. The legislation is likely to pass with bipartisan support.

The farm bill is almost identical to the legislation passed last year, with the major difference being a target price assistance program for Southern rice and peanut farmers.

The House version of the farm bill is expected to come in two weeks (June 17). If the bill passes the house floor, it will take strong bipartisan support from the Senate and the House to the President before the extension of the farm bill expires this fall (Sept. 30). Both bills would end direct payments to farmers, while expending insurance offerings. The most continuous point is over food stamp funding better known as SNAP. The Senate version would cut $400 million a year while the House version would cut $2 billion a year.

Once the farm bill passes, the Senate is scheduled to resume debate on its controversial immigration bill.

Video: Is China Buying US Soybeans + USDA Nov 14th Crop Report could be “Game Changing”

After a week of a U.S./China trade truce, markets/trade is skeptical that we have not seen a signed agreement nor heard much from China or seen any details. There are rumors that China is buying soybean futures & not the physical. Trust in Trump?
12 MMT of U.S. soybean purchases by China by year-end is better than 0 but we all need to give it more time and give it a chance to unfold. China did lower the tariffs on Ag and is buying U.S. wheat and sorghum.
U.S. supreme court could rule against Trumps tariffs, but the Trump administration does have a plan B.
U.S. government shutdown is now the longest in history at 38 days.
But despite a U.S. government shutdown we will be getting a USDA November crop report next Friday and it could be “game changing.” If the USDA provides a bullish surprise with lower U.S. corn and soybean yields and ending stocks that are lower than expected both corn and soybean futures will break out above their ceilings at $4.35/bu and $11.35/bu respectively.
The funds continued their selling in live and feeder cattle futures on continued fears that the Trump administration want to lower U.S. beef prices. The fundamentals have not changed, only market psychology has.
Stocks markets continue to worry about a weak U.S. job market, but you can blame ChatGPT for that. In the future, we will have a more efficient, productive and growing economy with a higher unemployment rate until we have more skilled AI workers.
After 34 new record highs in the S & P 500 and 124 new records in the NASDAQ in 2025 we are back to a correction and investor profit taking as AI valuations may have gotten too stretched near-term ahead of NVDA’s 3rd quarter earnings announcement on Nov. 19th. But this is not an AI bubble.
75% of Tesla shareholders approved a $1 trillion pay package for Elon Musk!
It has rained in South America in the last 7 days, but both the American and European models agree that Central Brazil remains dry in the next 14-days!

New Mexico company hits another snag with horse slaughter plant

Canada prepares for possible retaliation over COOL