Two proposals included in the Biden Administration’s $33 billion spending package aim to boost U.S. food crop production amidst increasing global food shortage concerns.
The first proposal includes increasing loan rates for select commodities for the next two years through the Marketing Assistance Loan (MAL) program. Corn, soybeans, and wheat are among eligible commodities for MAL, which offers a loan rate that serves as a floor price for the commodities and other incentivized features including an extended 12-month term.
The second proposal includes a double-crop soybean insurance incentive, reducing crop insurance premiums on 2023 double-crop soybeans planted after a 2022 winter wheat by $10/acre.
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