Central ND News

During remarks delivered on the floor of the U.S. Senate this week, Senator John Hoeven emphasized the need for Congress to pass a Farm Bill that makes key investments in the farm safety net. Hoeven is working to advance several priorities, including maintaining and strengthening crop insurance, improving affordability of higher levels of coverage, and updating counter-cyclical safety nets such as Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs.

"During the recent state work period, I visited with farmers and ranchers from across North Dakota to gather feedback on their most pressing issues," said Hoeven. "As part of these efforts, I convened a field hearing of the Senate Agriculture Appropriations Subcommittee near Fargo, North Dakota to discuss the future of agriculture research and development."

Hoeven noted that while the hearing focused on research, witnesses also stressed the importance of passing a Farm Bill that includes a strong commodity title and updates to crop insurance and counter-cyclical safety nets. "Those two tools are how our farmers manage risk in a world where they don’t control prices, they don’t control weather and they don’t control trade," he stated.

Economic conditions in farm country continue to worsen. The USDA's recent Farm Income Forecast indicated that lower commodity prices, high input costs, and elevated interest rates pose significant challenges for producers. Adjusted for inflation, 2024 net cash farm income projections for corn, soybeans, and wheat represent some of the worst numbers since USDA began collecting this data 15 years ago.

Hoeven highlighted existing frameworks from Senator Boozman and the House Ag Committee as steps in the right direction but called for bipartisan cooperation to finalize updates needed for crop insurance and reference prices in counter-cyclical safety nets.

"We're in position to get it done," he concluded.