Increased Reference Prices for Key Agricultural Commodities
This Act increases the minimum reference prices for five major agricultural commodities: wheat, corn, soybeans, peanuts, and seed cotton. The change aims to enhance farmers' financial stability by offering higher guaranteed prices for their crops. While this supports domestic food production, it may eventually influence the retail prices of these commodities and derived goods.
Key points
Wheat reference price increases from $5.50 to $6.50 per bushel.
Corn reference price increases from $3.70 to $4.20 per bushel.
Soybean reference price increases from $8.40 to $10.00 per bushel.
Peanut reference price increases from $535.00 to $635.00 per ton.
Seed cotton reference price increases from $0.367 to $0.45 per pound.
Status:
Introduced
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