A House Agriculture Committee panel, including farmers, a lender, an input supplier, and an Extension economist, highlighted severe challenges facing the agricultural supply chain. Panel members pointed to falling crop prices, rising input costs, tightening credit, and natural disasters as major issues. During the Financial Conditions in Farm Country hearing, witnesses urged policymakers to strengthen the farm safety net with enhanced risk management tools to prevent further economic damage.
Dana Allen-Tully, President of the Minnesota Corn Growers Association, and David Dunlow, Chairman of American Cotton Producers, both described a “perfect storm” of plummeting prices and skyrocketing costs. Tony Hotchkiss of the American Bankers Association projected a 25 percent drop in net farm income for 2024, while Joey Caldwell from the Agricultural Retailers Association stressed the impact of rising costs and inflation on farmers’ margins.
The panel called for immediate action to support the agricultural sector, highlighting the need for a stronger safety net to ensure the sustainability of American farming. House Agriculture Committee Chairman Glenn “GT” Thompson emphasized the urgency of the situation, noting the Committee’s bipartisan bill aimed at addressing these crises.
Listen to the report below.
Brian German
Ag News Director / AgNet West