Geneva DryTBA GroupPort of South LouisianaBühler GmbHTelestackSailors Society
  • Port of South Louisiana
  • Van Aalst
  • Cimbria
  • Vigan
  • Sailors Society
  • Port of Stockton

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

Cargill moves to take full control of SJC Bionergia

(Posted on 07/02/25)

Cargill continues to advance its growth strategy in the Brazilian market and reinforces its investment... Read more


Anglo American completes sale of minority interest in Jellinbah for A$1.6 billion

(Posted on 31/01/25)

Anglo American plc has announced the completion of the sale of its 33.3% minority interest in Jellinbah... Read more


Rivera now MD of Cremer Erzkontor Mexico

(Posted on 30/01/25)

Rafael Rivera has been appointed the new Country Manager Mexico of the end-to-end raw materials supplier... Read more


Rio Tinto provides Iron Ore update following Tropical Cyclone Sean

(Posted on 24/01/25)

Tropical Cyclone Sean delivered record rain along parts of the Pilbara coastline of Western Australia... Read more


Rio Tinto shows greater consistency across key operations

(Posted on 19/01/25)

Rio Tinto has released fourth quarter production results. Chief Executive Jakob Stausholm said: &ldquo... Read more


Trafigura publishes 2024 Sustainability Report

(Posted on 19/01/25)

Trafigura Group Pte Ltd. has published its 2024 Sustainability Report, highlighting the Group’... Read more


NGFA comments on US East and Gulf Coast port labour deal

(Posted on 10/01/25)

The International Longshoremen’s Association and the United States Maritime Alliance, Ltd. have... Read more


Vitol completes acquisition of Noble Resources

(Posted on 07/01/25)

Further to the announcement of 2nd August 2024, Vitol B.V.  has now completed the acquisition of... Read more


Rio Tinto progresses development of Quebec gallium extraction process

(Posted on 17/12/24)

As part of a research and development programme, Rio Tinto is assessing the potential for extracting... Read more


Trafigura publishes 2024 Annual Results

(Posted on 17/12/24)

Trafigura Group Pte Ltd, a market leader in the global commodities industry, has released results for... Read more


CimbriaViganTMS Awards 2023Van AalstPort of Stockton
  • Geneva Dry
  • TBA Group

Subscribe to our newsletter

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