Senate Ag leaders call for expansion of margin protection tools
Senate Agriculture Committee Chairwoman Debbie Stabenow, D-Mich., and Sen. John Boozman, R-Ark., wrote USDA officials Tuesday to urge them to expand margin protection tools to address the increased risk associated with the elevated costs of fuel and fertilizer and volatile commodity prices.
In a letter to Agriculture Secretary Tom Vilsack and Risk Management Agency Administrator Marcia Bunger, the senators asked for the expansion of options beyond those currently only available to dairy, cattle, swine, rice, soybeans, corn and wheat so that producers of additional commodities can proactively manage risk. The senators also call on RMA to increase risk management education for both producers and agents.
“Many farmers are underway in their planning for fall fertilizer applications. Prioritizing the thoughtful and timely expansion of margin protection plans of insurance for additional commodities, as well as related insurance products designed for specialty crops, would allow producers the opportunity to familiarize themselves with these tools and better manage production cost risks by next fall,” the senators wrote.
To read the letter, go to https://www.agriculture.senate.gov/imo/media/doc/09.29.22%20StabenowBoozman%20Letter%20on%20Margin%20Protection.pdf.
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