Farm Bill Forecast
We’re halfway through 2023, and the pressure is on to turn a new farm bill through Capitol Hill, with the current legislation set to expire on September 30. Much like the growing season, conversations started to emerge this spring, planting the seeds of the next bill, and they have continued to ramp up this summer as we head towards the fall finish line, reaping the (hopeful) rewards of tough, but important, work.
While dubbed the “farm bill,” the Agriculture Improvement Act of 2018 has a much wider reach than just the fields of rural America. The farm bill funds nutritional programs and impacts areas like research and extension, energy and environmental concerns—considerations that impact all Americans. To catch up on the background of the farm bill, check out our overview from last fall.
Heading into the new legislation, crop insurance is a top priority for many. With the current bill, around 8% of farm bill spending is dedicated to crop insurance and farm subsidy programs.
There is potential for crop insurance eligibility to be linked to certain environmentally-focused management practices in the next farm bill. BW Fusion’s biological crop nutrition products align with this focus on sustainability and climate-smart agriculture.
Several federally elected officials have shared their interest in protecting the availability of crop insurance and, thus, growers’ investments in their fields.
“Farmers, ranchers, dairy farmers, poultry and livestock producers are at the center of our economy, our food system and our national security,” U.S. Senator Tina Smith, D-Minn., Subcommittee on Commodities, Risk Management and Trade chair, said in a hearing regarding commodity programs, credit and crop insurance. “There is nothing more important to our country than a stable, secure, healthy food supply, and that means we need stable, secure producers that have the tools that you need to weather the ups and downs of agriculture.”
While final decisions and next steps in the future of crop insurance will not be available until farm bill documents are released, you can follow along as these conversations, and more, continue to take place on Capitol Hill.
Keep an eye on the United States Senate Committee on Agriculture, Nutrition and Forestry’s hearings to stay up to date on progress. To provide your input on the upcoming farm bill to the committee, fill out this form.
As the legislation comes into effect, BW Fusion will continue to be here to support you and your farm business. Get in touch with us anytime.