US subsidies for wheat, corn, and other commodities are front and center in the 2024 farm bill as growers hit hard by rising costs push to expand the farm safety net.
Growers are seeking higher reference prices for commodities in the five-year reauthorization, and some increases are likely given broad support from rural lawmakers. The Congressional Budget Office last year projected that baseline spending on commodities support would reach $69 billion in the next farm bill, representing a $7.6 billion increase from the 2018 farm bill.
US wheat, set at $5.50 a bushel, “hasn’t seen an update in the last ...