Juneteenth is now a federal holiday

The move was praised by Senator Chuck Grassley, R-Iowa, who has long criticized the state of the US livestock market and the consolidation of the industry.

“GR8 NEWS Ag Cmte Answering My Calls 2 is holding a hearing June 23 on injustice in the livestock market / industry (plus) the need for transparency,” Grassley said on Twitter. “This is an opportunity to educate Senators / the public on the serious issues family farmers face as they take on Big Cattle / 4 packers control 80% of the market. “

Washington Insider: Juneteenth is now a federal holiday

President Joe Biden enacted a measure Thursday that marks June 19 as a federal holiday, Juneteenth, marking the end of slavery in the United States in 1865.

On June 19, 1865, Union General Gordon Granger read the Emancipation Proclamation to African Americans in Texas, about two and a half years after the proclamation was issued on January 1, 1863.

The new holiday comes at the culmination of legislative action this week that saw the Senate approve a law declaring June 19 a federal holiday. The House followed suit on Wednesday and approved the plan on a 415-14 vote.

What the rapid development means is that today, June 18, will be the Federal holiday, with the United States Office of Personnel Management (OPM) announcing that most federal workers will take Friday off. since June 19 falls on a Saturday.

But the situation raised a host of questions. Some have lit up social media sites, expressing disappointment that the OPM made the announcement via Twitter rather than an official notice on their website. However, the OPM updates its state of government operations each day with a notice posted on its website, usually shortly after midnight Eastern Time.

However, this raises a host of questions, including what services will or will not be available. The rapid passage and promulgation of the law potentially resulted in more answers than questions, especially on topics such as US mail. By mid-afternoon Thursday, it was unclear whether mail delivery would be interrupted or not.

It looks like most US federal government offices will be closed on Friday due to the holiday that would include USDA service centers. However, the service centers of agricultural service agencies allow a limited number of visitors to these offices or take things by appointment only. So a quick check with your local office is the best bet if you have an appointment for June 18th.

The markets will be open for business. The Securities Industry and Financial Markets Association (SIFMA) is an industry trading group that makes recommendations for the US bond markets. The group said the Juneteenth will be integrated into their vacation program in the years to come.

U.S. stock markets and commodities markets will also be open for trading and regulators’ trading hours. A NASDAQ spokesperson told MarketWatch that U.S. markets operated by the exchange will remain open on Friday, a large expiration of options and futures, and Monday “to maintain a fair and orderly market and minimize operational risk “.

And there is the matter of the agencies that regulate these markets, including the Securities and Exchange Commission and the Commodity Futures Trading Commission. They announced they would be closed on Friday. Typically, these agencies are the ones that markets should work with to determine holiday schedules to ensure that all necessary activities are taken care of.

And markets aren’t always closed for every federal government holiday, or at least not always right away. The Martin Luther King Jr. holiday of January 19 was officially established in 1986 and the stock markets and other exchanges have chosen to remain open, but observe a minute of silence. However, that changed in 1998 when the New York Stock Exchange elected to close and other markets also chose to close for that day.

But there are also market close days that are not federal government holidays, such as Good Friday.

On the business side, the Wall Street Journal noted that Juneteenth is seen in 9% of businesses, citing a survey this year conducted by employer consulting firm Mercer LLC.

But the key to farmer’s markets is that it removes another day of price discovery if markets choose to close by respecting the holidays. And after a day of heavy losses on June 17, that means Friday could see another active market day. If markets were to be suddenly closed on Friday, it could create unfair benefits or unforeseen costs for those who would need to adjust their positions in the market following the sharp drop in the market on Thursday.

Although we are currently in a period where there are no payments from the US government like loan compensation payments, having additional time off from the federal government will not affect any payments to farmers. In years past, the Columbus Day holiday could create a payment opportunity for farmers, as the government shutdown meant the Farm Service Agency did not update its daily rates used to determine credit deficit payments, a situation that could allow some producers to capture an extra day of pricing for their crops knowing what the LDP rate would be.

So we’ll see. Getting paid extra vacation would be something that many workers would appreciate. But there are more than a few moving elements that mean the full impact of this quickly adopted holiday will unfold in the years to come and could be something to watch closely when it comes to markets and farmers’ ability to market their crops. crops, Washington Insider believes.

Want to keep up with what’s happening in Washington and elsewhere throughout the day? See DTN Top Stories, our frequently updated summary of current developments of interest to producers. You can find DTN’s best stories in DTN Ag News, which can be found in the main menu of classic DTN products and in the News and Analysis menu of DTN Professional and Producer products. DTN Top Stories is also featured on the home page and news home page of online.dtn.com. MyDTN.com subscribers should see the US Ag Policy, US Farm Bill and DTN Ag News sections on their News home page.

If you have any questions for DTN Washington Insider, please email [email protected]

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