Farm Bill
Political unrest, a healthy ag economy and the start of an election year. These are all reasons economists in the October Ag Economists’ Monthly Monitor think it could 2025 before Congress passes a new farm bill.
Bart Fischer, co-director of the Agricultural and Food Policy Center at Texas A&M, spotlights two topics that will be updated in the next farm bill.
Work by the House or Senate Agriculture Committee on a new farm bill is essentially stalled, Randy Russell tells AgriTalk’s Chip Flory. Russell says that could be the case until government funding issues are resolved.
With the government funding in place for now, work on a new farm bill can continue, with the same questions (timing, funding, Title 1 reform, etc.) still being unanswered.
As Congress drew closer to a government shutdown, the news pressured commodity prices. The drop in commodity prices happened despite what some viewed as a fairly bullish September Grains Stocks report for corn.
Members of Congress are currently in disagreement over how long it will take to get a new farm bill finished, which is why one ag economist fears it could take two years to finally see a new Farm Bill.
Farm Bill discussions and debates don’t pack as much drama for producers. According to JohnPhipps, there’s an unspoken realization that the Farm Bill doesn’t have the same influence on the farm economy it once did.
The 2023 farm bill may not be completed before it expires on September 30 but there is hope it could be done by year end.
Big moves in Washington in 2023 could impact your farm.
House Ag Committee Chairman G.T. Thompson, along with other members, is seeking additional funding sources for the bill, but that will likely be the biggest farm bill hurdle that may trip up lawmakers.