House Ag Committee Ranking Member Colin Peterson of Minnesota feels there may be some pressure on Congress to do something in the upcoming lame-duck session about the sagging farm economy. He’s afraid that many farmers won’t be able to obtain financing for the next growing season because of falling revenue thanks to low commodity prices. Peterson said lawmakers would have more money to work with for farm programs if they did the work early. Another reason for getting the work done early is the dairy farming dilemma. A global oversupply of milk is keeping prices lower. The margin insurance program created in the last Farm Bill has low participation and Peterson said it needs improvement. It won’t be easy no matter when Congress acts. Peterson said urban lawmakers have no idea how much money it takes to plant a crop. Even if the situation gets worse, Peterson said he’s not sure if Congress will act even then.
From the National Association of Farm Broadcasting news service.