Washington, D.C. December 21, 2024. Congress passed shortly after the midnight deadline for a government shutdown a continuing resolution that includes provisions important to soy farmers, among them a farm bill extension and both disaster and economic assistance. Inflation, historically high input prices, falling commodity prices, and devastating storms have led to a lengthening rough patch for many U.S. farmers, including those who grow soy.

Caleb Ragland, president of the American Soybean Association and soy farmer from Kentucky, said, “Congress has come through with a bipartisan solution that not only keeps our government open but keeps our farms going. While we of course had our hopes set on a new five-year farm bill in 2024, we are grateful for this one-year extension and will urge Congress to pass an improved farm bill in the new year. And, having economic and disaster aid in this critical piece—at a critical time for farm families—is also very appreciated, along with other provisions. We thank leadership for their ongoing and late-night efforts.”

Once signed by President Biden, the bill will keep government funding in place through March 14, 2025, and extend the Agriculture Improvement Act of 2018 for one more year through September 30, 2025. Additionally, the package includes approximately $21 billion in disaster assistance and $10 billion in economic assistance for farmers who have faced recent challenges.