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Senate to Vote on U.S. Farm Bill

By Amanda Brodhagen, Farms.com

The U.S. Senate will be voting on the nearly $1 trillion five-year 2014 farm bill this afternoon. If the Senate passes the farm legislation (it requires 60 votes for passage), then President Obama is expected to sign it into law. Congress has been in partisan gridlock for the past two years to pass an agreement on the food and farm legislation.

Last week, the House approved the bill, in a 251 to 166 vote. The bill ends direct payments for farmers, while expanding crop insurance. Is also offers livestock disaster assistance and a new program for dairy farmers. The bill also cuts about $8 billion from the Supplemental Nutrition Assistance Program (SNAP), also known as food stamps.

Most of the U.S. farm groups support the farm bill, with the exception of livestock groups who strongly oppose the wording of the country-of-origin meat labeling rule. The bill is expected to pass the Senate with strong bipartisan support.
 


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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.