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Increased Reference Prices for Key Crops: Stronger Financial Safety Net for Farmers

This bill increases the minimum reference prices used by the government to calculate support payments for farmers growing wheat, corn, soybeans, peanuts, and seed cotton. The goal is to strengthen the financial safety net for agricultural producers and stabilize their income when market prices drop. This measure provides greater security for the nation's food supply chain.
Key points
Reference prices are raised for five major commodities: wheat, corn, soybeans, peanuts, and seed cotton.
The higher reference prices mean increased financial support for farmers if market prices fall below the new, elevated levels, stabilizing farm income.
For example, the reference price for corn increases from $3.70 to $4.63 per bushel, and soybeans from $8.40 to $9.66 per bushel.
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Additional Information
Print number: 118_HR_5101
Sponsor: Rep. Davis, Donald G. [D-NC-1]
Process start date: 2023-08-01
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OFFICIAL LEGAL TITLE

Agricultural Commodities Price Enhancement Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5101.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-08-01.

What are the main provisions?

Key points include:

  • Reference prices are raised for five major commodities: wheat, corn, soybeans, peanuts, and seed cotton.
  • The higher reference prices mean increased financial support for farmers if market prices fall below the new, elevated levels, stabilizing farm income.
  • For example, the reference price for corn increases from $3.70 to $4.63 per bushel, and soybeans from $8.40 to $9.66 per bushel.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Davis, Donald G. [D-NC-1].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on General Farm Commodities, Risk Management, and Credit.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Agriculture Economy