Lack of Economic Assistance Would Affect Farmers, Rural Communities, US Economy

 As the 2024 timeclock quickly dissolves, negotiations to include economic assistance for agriculture producers in Congress’ year-end spending package also appear to be on meltdown. Without the immediate relief sought in that package, farmers across the country who have faced severe economic hardships this year are the ones who would be burned the worst amid unrelenting inflation, historically high input prices, and falling commodity prices.

Caleb Ragland, president of the American Soybean Association and soy farmer from Kentucky, said, “We urge congressional leadership to return to the negotiating table and find a path forward. A package that does not include both economic and disaster assistance for our farmers who have suffered significantly from unforgiving market conditions, disastrous weather phenomena and for many, a combination of both, simply does not meet the mark for what agriculture and specifically, our soy growers, need. We will oppose any supplemental spending package that does not provide meaningful assistance to farmers who need help now to stay afloat in 2025 and beyond.”

While talks continue on an extension of the farm bill and a package to fund the government, soy farmers and other agricultural groups have expressed they do not support a package that fails to acknowledge the economic realities farmers are facing.

Soybean prices have dropped 40% over the past two years. Compounded by an already insufficient farm safety net, this has made it increasingly difficult for farming operations to remain viable. Without consideration for U.S. farmers, who provide feed, fuel, food and fiber for our country, rural communities and consumers nationwide will likely feel the residual effects of a mounting agriculture recession.