Markets Now: Is There Any Fat To Trim On 2018 Farm Bill?

May 4, 2018 12:25 PM

There has been some speculation as to when the farm bill could see the floor of the House, and that date might come as soon as this month.

On AgriTalk Thursday, Rep. Mike Conaway (R-Texas), Chairman of the House Agricultural Committee, said he expects the 2018 Farm Bill to head to the floor of the House in mid-May. 

One of the programs that will receive heavy scrutiny from the bill is the crop insurance portion.

Randy Russell of The Russell Group, said despite that probing, there won’t be many changes.

“We’ve always had efforts to go after premium subsidies for higher income producers,” he told U.S. Farm Report host Tyne Morgan in Washington D.C. “If you take those people off the program, then you’re spreading your risk on a much smaller pool and raising premiums across the board.”

Instead of calling it crop insurance, some lawmakers are calling it food insurance, and it’s has “significant” bipartisan support, according to Jim Wiesemeyer, policy analyst with Pro Farmer.

“Many farmers know the check they write is rather significant,” he said. “They’ve got skin in the game. This is not a government giveaway program.”

Between weather, government actions and trade, Russell said there is a lot of volatility, and the crop insurance and revenue insurance is “critically important.”

Hear why both Wiesemeyer and Russell don’t believe there will be a cap on Renewable Identification Numbers (RINs) and why the Trump administration will support year-round sales of E-15 on U.S. Farm Report above.

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