AGRIBUSINESS: House Farm Bill Defeat Brings Many Issues
The U.S. House of Representatives’ defeat of a new, five-year farm bill has completely surprised the ag industry. While 2008 law still exists through September 30th – farmers, ranchers and dairy producers say the failure to pass a new farm bill last year left them unable to plan as the planting season approached this year.
American Soybean Association President Danny Murphy says the biggest thing it creates is uncertainty – which is the one thing farmers and ranchers can’t have. Murphy says the lack of a farm bill makes it hard for farmers and ranchers to get loans or buy equipment because they don’t know what price support programs they will be operating under – something banks don’t like. Even though most support and subsidy programs for crops run through the end of the year – Murphy says farmers want something done – that Congress can’t keep kicking this can down the road.