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A Closer Look at the 2023 Farm Bill

Every five years, Congress reviews a broad package of federal programs and spending measures collectively referred to as the farm bill. The current farm bill was signed into law in 2018 and is set to expire later this year — although certain provisions will extend beyond the stated September deadline. With $428.3 billion in allocations toward various USDA programs, it has wide-reaching implications for both rural and urban communities alike across the country.

What is typically in the farm bill?

A significant portion — roughly 80 percent — of the 2018 farm bill’s spending goes toward the federal Supplemental Nutrition Assistance Program (SNAP), designed to support the nation’s most vulnerable households. But there are many other key provisions within the farm bill that are aimed directly at farmers and ranchers and the communities in which they reside, including the following:

  • Crop Insurance
    The federal safety net program protects farmers against fluctuating commodity markets and weather conditions that are out of their control.

  • Disaster Assistance
    Natural disasters can wreak havoc on farmland, livestock, equipment and facilities; the farm bill sets aside federal funding to aid farmers experiencing losses due to weather events.

  • Farm Loans
    The farm bill oversees the USDA’s Farm Service Agency, which provides credit designed to help producers start, maintain or expand their operations.

  • Conservation Programs
    Included in the farm bill are provisions for the Conservation Reserve Program (CRP), designed to assist producers in their efforts to manage the quality of soil, water and natural wildlife habitats.

  • Research Grants
    Federal funding for research supports agricultural extensions and ensures that farmers and ranchers have access to the tools and resources they need to operate more efficiently.

In addition, the farm bill addresses other programs that are important to farm communities, such as rural development initiatives, access to broadband internet and more.

Looking ahead to the 2023 farm bill

How these programs will be funded in the forthcoming 2023 farm bill remains to be seen. Still, there are a number of leaders within the agricultural industry who are actively working with lawmakers in Washington to ensure the interests of farmers and ranchers are met.

Among those currently at the table for farm bill discussions is Jordan Scott, former South Dakota Soybean Association (SDSA) board president and a current board member for the American Soybean Association (ASA). “We've been working on the farm bill for over two years now,” says Scott. “It's really important to have those conversations and get what we need out of the farm bill.”

Scott is a row crop farmer from Valley Springs, South Dakota, who has long been a passionate advocate for the interests of fellow soybean producers. He has followed a leadership path blazed by his father, Kevin Scott, who also served in board roles for both SDSA and ASA.

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Will the 2025 USDA December Crop Report Be a Market Mover/Surprise?

Video: Will the 2025 USDA December Crop Report Be a Market Mover/Surprise?


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The final Stats Canada production report was bearish canola and wheat projection a record crop in both (it adds to the global glut of supplies) and bullish local corn and soybean prices in Ontario/Quebec thanks to a drought. It will not help the fund flow short-term, the USDA may need to offset it?
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Australia is expected to produce its 3rd largest wheat crop ever at 36 mmt adding to the global glut of supplies.
Reports of ASF in hogs in Spain the largest pork exporter in Europe could see the U.S. win more pork export business long-term.
If the rains verify into next week of 3-5 inches for Brazil it would go a long way to fixing the dry regions from the last 2-months, but the European weather model has been wrong for the past 2-months!
Natural gas futures are surging to the 3rd price count as frigid hold temps set in.
CDN $ is also surging to end the week on a very resilient economy and better employment numbers suggesting no interest rate cuts next week.
Finally, the CFTC report showed funds were net buyers of soybeans but sellers of corn, canola and wheat. In real time the funds have gone back to selling as they take some profits.