WASHINGTON, DC -- This week, rice farmers along with producers of corn, cotton, peanuts, sorghum, soybeans, and wheat, and agricultural lenders from the Farm Credit System and commercial banks were here on Capitol Hill meeting with more than 100 Congressional offices, including Congressional leadership, to make them aware of the financial crunch farmers are facing and urging action on a new and effective Farm Bill this year.
Key points highlighted during the meetings to illustrate the overall deterioration of the farm financial situation included the significant increases in production and input costs while crop prices continue to weaken, all while farm sector debt for 2024 is projected to reach an all-time high inflation-adjusted level and the U.S. agricultural trade deficit is projected at a record $42.5 billion in Federal Fiscal Year 2025.
Given this scenario, many growers are suffering deep losses in 2023 and 2024, and projections indicate the situation worsening in 2025 with a prolonged downturn in the farm economy. The current farm bill safety net provisions are not adequate to provide effective relief for farmers.
The central message was straightforward: “Congress must act before year’s end to strengthen farm policy for America’s farmers. Without meaningful improvements to the farm safety net, some farmers will not be able to secure operating credit for the 2025 crop.”
This fly-in, which included rice farmers from Arkansas, Mark Isbell and Jeff Rutledge; Louisiana, Richard Fontenot; and Texas, Daniel Berglund, followed a letter sent by more than 300 agriculture organizations, including USA Rice and all state rice organizations on Monday (see USA Rice Daily, September 9, 2024).