House Agriculture Committee Advances Reconciliation Bill: Key Implications for Farmers and Ranchers

Early Wednesday morning, the House Agriculture Committee passed its portion of the budget reconciliation bill on a party-line vote of 29 to 25. This legislation, if signed into law as is, would extend major pieces of the Farm Bill and have significant budget implications for the state of Nebraska. 

Key Provisions and Impacts 

Reference Prices for Commodities 

The bill included many components of last year’s House Ag Committee passed Farm Bill including a 10% to 20% increase in reference prices for all covered commodities. 

• Corn: The reference price will increase from $3.70 to $4.10. 
• Soybeans: The reference price will rise from $8.40 to $10.00. 
• Wheat: $6.35 a bushel 
• Grain sorghum: $4.40 a bushel