If he had signed it earlier, farmers could be getting their checks in the coming week. In addition to emergency aid , the bill allows producers to collect their anticipated yearly transition payment immediately, in essence doubling the amount of cash infusion into rural areas at a time when severe weather has destroyed harvests and poor market prices have severely diminished the value of crops that do survive. With the House passage and progress of expanded crop insurance legislation and my agenda for reviewing farm policy early next year, we will also be laying the groundwork for addressing the future needs of farmers and ranchers. The approval has been wanted by food companies who want to add soy as an ingredient to appeal to health-conscious Americans.
Soy protein is suppose to reduce the risk of coronary heart disease.
This new approval may also be good news for soybean farmers who might be able to supply their crop to new markets. Now many traders are wondering exactly how far bean futures will fall. Don't look for funds to build a short position right now, which means the downside should be limited for beans. The crop is getting smaller. The trend is clearly down and that shouldn't change in the November Crop Production Report.