Agricultural Commodities Price Enhancement Act of 2023

This bill increases reference prices for key agricultural commodities used in federal farm support programs. It raises the reference prices for wheat ($5.50 to $6.05 per bushel), corn ($3.70 to $4.63 per bushel), soybeans ($8.40 to $9.66 per bushel), peanuts ($535 to $588.50 per ton), and seed cotton ($0.367 to $0.45 per pound). These updated prices directly affect farmers enrolled in USDA commodity programs that use these benchmarks to determine payments. The changes amend Section 1111(19) of the 2014 Agricultural Act to reflect higher market reference levels.