As 2023 Farm Bill talks continue post-election, a major area of discussion centers on the farm income safety net. The safety net has been a mix of commodity programs, crop insurance and disaster assistance.
Recently, this mixture has proven complicated amidst ad hoc disaster assistance and supplement payments to producers outside of the authorized farm bill programs. Due to this, several ideas have come forward about changing commodity programs in the 2023 Farm Bill. Ideas include:
– Raise reference prices in the Price Loss Coverage (PLC) program
– Combine PLC and Agriculture Risk Coverage (ARC) into one program
– Develop a margin-based safety net
Read more on potential farm income safety net changes in the next Farm Bill here.
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