December 10, 2019

Farm Policy Issues; and Climate Change

Farm Bill: House Ag Committee Field Hearing- Lubbock, Texas

With respect to Monday’s House Ag Committee field hearing in Texas, DTN Political Correspondent Jerry Hagstrom (link requires subscription) reported that, “Texas farm leaders on Monday told the House Agriculture Committee that the traditional farm commodity programs including direct and counter-cyclical payments and marketing loans that are in the 2008 farm bill should be continued in the 2012 rewrite. But House Agriculture Chairman Collin Peterson said they might want changes if crop prices go down and the safety net proves it cannot cover rising production costs.

“After the hearing, Peterson told reporters that the 2008 bill has been popular because crop prices have been ‘pretty good.’ He added, ‘If we get down to $2 (per bushel) corn, you’d have different testimony than what we had here today.’ He said no matter how the 2012 program is constructed, it will have to be designed so that banks can use it as collateral for loans and so that it is based not just on revenue losses but also on cost of production.”