Economic Outlook on Title I Commodities and Title XI’ Crop Insurance – InsuranceNewsNet

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WASHINGTON, June 9 — Rep. Cheri BustosD-Illinoispresident of the House Agriculture Subcommittee on General agricultural products and risk management, issued the following press release:

House Agriculture Subcommittee on General agricultural products and chair of risk management Cheri Bustos made the following statement at today’s hearing entitled “A 2022 Review of the Farm Bill: Economic Perspectives on Title I Goods and Title XI Crop Insurance.”

[As prepared for delivery]

Good morning and thank you to our witnesses and to my colleagues for being with us at this early hour.

I am pleased to chair this hearing as growers across the country are at different stages of the growing season and dealing with varying weather conditions.

Southern winter wheat growers are starting to harvest, with many facing historic drought conditions. Meanwhile, growers of corn, soybeans, oilseeds and sugar beets further north are still trying to bring in their crops amid widespread flooding.

Since the drafting of the 2018 Farm Bill, farmers have suffered the economic impacts of a trade war with Chinamarketing and supply chain disruptions caused by the pandemic, historical weather events and now extreme volatility in commodity and input markets caused in part by Putin’s unwarranted and unprovoked war in Ukraine.

In particular, the most recurring problem that I hear about from farmers and stakeholders back home in Illinois is the price and availability of fertilizers, not only for their production this year, but also what it could mean for next year’s crop as well.

All of these conditions impacted the operation of our Farm Bill programs. And our intention with today’s hearing is to get feedback from this panel of experts on what those conditions have meant for how our commodity programs have functioned as a safety net and the role that the federal crop insurance program has played in helping producers manage risk.

Over the past year and a half, this sub-committee has focused on understanding the situation on the ground and the needs of our producers. We held a hearing on the effectiveness of the agricultural safety net almost a year ago and heard important testimony from producers, a crop insurance agent and an agricultural economist, and it is clear that the situation is much different today than it was then. And earlier this year, we heard from Undersecretary Robert Bonnie on the status of our Farm Bill programs.

Today we have the privilege of hearing from a distinguished panel of agricultural economists on the state of play and I look forward to hearing your testimony.

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Original text here: https://agriculture.house.gov/news/documentsingle.aspx?DocumentID=2530

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