Farm Act Pt 1
From the Ag Information Network, I’m Bob Larson. With farmers up against tight margins and continuing to wait on a new Farm Bill, the Farm Assistance and Revenue Mitigation Act, or FARM Act, has been introduced in Congress to help offset some of that financial pressure.
Farm CPA Paul Neiffer (NEEF-er), of Walla Walla, on the Top Producer podcast says the $20 billion sought for farmers could be a significant boost …
NEIFFER … “The major farm organizations, the American Farm Bureau, National Corn Growers Association, American Soybean Association, etc., all are on board with this. They believe that it is a fairly good ad hoc program, especially the fact that the Farm Bill, even if it got enacted now, it would not help any farmers until, at the earliest for most farmers, next October.”
Neiffer explains that the act is specific to eight particular crops …
NEIFFER … “And those crops are corn, soybeans, wheat, cotton, rice, sorghum, oats and barley. So, for those eight crops, we're going to use a specific formula. For all the other crops, USDA has been told to use a comparable estimate of gross returns. So, they are going to be required to utilize the same methodology, you know, they can't really go outside of that methodology.”
Tune in tomorrow for more specifics of the Farm Act from Farm CPA Paul Neiffer.
