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U.S. Senate Passes Farm Bill, Now Awaiting Obama’s Signature

By Amanda Brodhagen, Farms.com

After three years of talks, the U.S. Democratic-led Senate passed a new five-year farm bill on Tuesday by a strong vote of 251-166.

The legislation will save $16.6 billion over 10 years, compared to the 2008 farm bill funding. About $8 billion in savings over 10 years comes from cuts to food stamps, which accounts for 80 percent of the bill’s spending.

The farm bill was passed by the Republican-controlled House last week, and will cost nearly $1 trillion. The food and farm legislation has been sent to President Barack Obama for his signature. White House officials have said that the president intends to sign the bill into law.

Most farm groups are satisfied with the bill, with the exception of a coalition of livestock groups who aren’t happy about the wording of the country-of-origin labeling rule. The controversial meat labeling rules are being challenged at the World Trade Organization later this month.


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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.