National Corn Growers Association (NCGA) President Wesley Spurlock, and American Soybean Association (ASA) President Ron Moore both addressed the House Agriculture Subcommittee on General Farm Commodities and Risk Management earlier this week. Both testimonies spoke about the need for a strong risk management plan in a weak farm economy, noting the current prices of both corn and soybeans.

“Farm prices are down by 41 percent and farm income is down by 50 percent. Due to continued low prices, estimates for 2017 show a further decline in income of 7.1 percent,” Moore stated. “Land rents and input costs remain stubbornly high, and producers are having increasing difficulty obtaining operating loans. In view of these circumstances, ASA [asks] Congress to write the 2018 Farm Bill based on the very real need by U.S. producers for a stronger safety net rather than extending existing programs.”

“Together, crop insurance and the ARC-County program have helped many farmers weather the storm of a weak farm economy and avoid bankruptcy,” testified Spurlock. “We must work together to rebuild a strong farm economy – but in the meantime, strong farm bill programs are essential to support farmers. ARC was designed to be a market-based program that provides support only when needed, and now is that time.”