Sixty organizations, including a majority of the nation’s farm groups, sent a letter this week to the House and Senate Budget Committees, as well as Agriculture Secretary Sonny Perdue, urging them to protect crop insurance during the budget process in recognition of its central importance to farmers and the rural economy.
“Cuts to crop insurance during this difficult time for rural America should be avoided,” the letter reads. “Farmers and lawmakers agree that crop insurance is a linchpin of the farm safety net and is crucial to the economic and food security of rural America. The importance of crop insurance was just reaffirmed less than two months ago with the passage and signing of the 2018 Farm Bill, and we urge you to oppose cuts to crop insurance during this year’s budget process.”
At last week’s Crop Insurance and Reinsurance Bureau (CIRB) annual meeting, Wells Fargo Chief Agricultural Economist Michael Swanson gave his current analysis of the farm economy and projections for the future.
Swanson discusses the impact of slowing growth in biofuels production on prices for corn and soybeans, how he expects to see more consolidation of farms in the near term, and global trends.
Listen to his analysis here:
CIRB2019 Michael Swanson, Wells Fargo