Port of StocktonTBA GroupGeneva DryViganPort of South LouisianaBühler GmbH
  • Port of Stockton
  • Telestack
  • Van Aalst
  • Bühler GmbH
  • Cimbria
  • Geneva Dry

US Soy growers ask House Ag Committee to help protect crop insurance

US Soy growers ask House Ag Committee to help protect crop insurance

(Posted on 28/04/23)

Speaking on behalf of the American Soybean Association and his fellow soy growers, ASA President Daryl Cates, Columbia, Illinois, addressed the need for mitigating farmers’ risks both in the field and beyond. Cates was invited to testify before the House Agriculture Committee’s Subcommittee on General Farm Commodities, Risk Management, and Credit, where he offered soy producers’ perspectives on the 2023 Farm Bill.

ASA shared soy’s 2023 Farm Bill priorities in May of last year and has worked since to circulate those needs on the Hill and collaborate with other agriculture groups to assure farmers’ priorities are considered in the next farm bill; farm bills are historically authorized for five years, with the 2018 Farm Bill now up for reauthorization.

Cates in his oral testimony said, “I have a simple message to share with you today: Soybean farmers need your help in the next farm bill.”

While the message is simple, the concerns and solutions are not always. Cates asked for help with two priorities in the subcommittee’s jurisdiction: 1). Protecting crop insurance and 2). Improving the Title I farm safety net for soybeans. Citing crop insurance as “the most effective and important component of the farm safety net for soybean farmers,” Cates noted how crop insurance helps farmers like him manage risk and secure operating credit from their lenders—a layer of protection while crops are in the ground and one that ASA asks to remain unscathed by amendments.

The second ask—an additional layer of protection beyond the field—is a bit more complex: improving the Title I farm safety net to help it better align with realistic needs. Cates says a predictable, effective farm safety net is a must in the next farm bill.

Despite successes to enhance and diversify markets, China remains U.S. soy’s #1 export market, with one in three rows of beans exported there. Said Cates, “During the height of the trade war with China in 2018, U.S. soy stopped flowing to the Chinese market in our peak export period that fall. Soybean prices dropped significantly, but we received no PLC benefits and little from the ARC program. USDA stepped in with ad hoc, temporary support to farmers.

If a trade war that shrunk soybean demand by over 30% hardly triggered the farm safety net provided in the current farm bill, it is difficult to envision a scenario that would provide meaningful assistance without significant improvements to the current reference price and program elements of ARC and PLC.”

Another challenge raised in the hearing is the significant disparity in recent soybean planted acres compared to base acres, on which ARC and PLC benefits are provided. This difference impacts the accessibility and effectiveness of the farm safety net: In 2022, soybeans were planted nationally on 87.5 million acres. By comparison, soybean base totals 53.2 million acres. Over 30 million acres of soybeans were not protected by the soybean provisions of ARC and PLC in 2022.

ASA is pleased to offer testimony and looks forward to continuing to work with Congress as it drafts this critical legislation.

Latest News

Australia’s biggest renewables deal to repower Gladstone aluminium operations

(Posted on 22/02/24)

Rio Tinto has signed Australia’s largest renewable power purchase agreement (PPA) to date to supply... Read more

BHP half year results released

(Posted on 22/02/24)

Mike Henry, Chief Executive Officer, reviewed the Company's operating and financial performance:&ldquo... Read more

Titan Lithium to set up AED 5 Billion processing plant in KEZAD

(Posted on 14/02/24)

Khalifa Economic Zones Abu Dhabi – KEZAD Group, the largest operator of integrated and purpose... Read more

Australia’s iron ore leaders partner for steel decarbonisation

(Posted on 11/02/24)

Australia’s two largest iron ore producers and its biggest steelmaker have partnered in their... Read more

Lithium market to face transition as demand growth slows

(Posted on 02/02/24)

The lithium market is experiencing a period of transition as demand growth slows and the industry adjusts... Read more

Top US construction economist anticipates weak first half of 2024

(Posted on 31/01/24)

The top economist for the cement, concrete, and construction industries anticipates the U.S. economy... Read more

ADM to expand traceable soybean pilot after U.S. to Europe deliveries

(Posted on 25/01/24)

ADM, a global leader in sustainably sourced solutions from nature, has announced that it has loaded... Read more

MMW and HAG merge

(Posted on 18/01/24)

Mineralmahlwerk (MMW) Hamm, one of the largest processors of mineral raw materials in Europe, and Handels... Read more

Dampier Salt agrees to sale of Lake Macleod operation to Leichhardt

(Posted on 18/01/24)

Dampier Salt Limited (Dampier Salt) has entered into a sales agreement for the Lake MacLeod salt and... Read more

Long-term outlook strong despite decline in US Aluminium demand

(Posted on 12/01/24)

The Aluminum Association in the USA has released preliminary estimates showing demand for the aluminium... Read more

TMS Awards 2023CimbriaTelestackSailors SocietyVan Aalst
  • Sailors Society
  • Vigan

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping