"Grows 10 percent of all the wheat that’s shipped around the world"
- President Joe Biden on Ukraine as one of the world’s most important agriculture producers.
33 billion bucks.
That’s how much the Biden administration asked Congress for to support Ukraine. The staggering proposal would be utilized for:
But what about U.S. farmers?
There’s something in it for you, too. $500 million - yeah, A HALF BILLION - for farm subsidies to increase U.S. production of crops, particularly wheat and soybeans. Why? Biden’s counting on US producers to make up for the loss of Ukrainian agriculture commodities due to the ongoing war.
That dough is for more than just wheat.
“This funding is going to help ease rising food prices at home as well, and abroad, caused by Russia’s war in Ukraine,” says President Biden.
$400 million- Boosting loan rates for 2022 and 2023Since the war in Ukraine, crops such as wheat and soybeans are in shorter supply, globally. So the Biden admin is looking to incentivize crop production. Currently, national rates (which fluctuate by county) for important commodities are:
Check out our checklist below to learn how these prices affect your operation.
Where can I read more?
Here’s a White House fact sheet on the aid proposal. A key highlight, "Through higher loan rates and crop insurance incentives, the request provides greater access to credit and lowers risk for farmers growing these food commodities, while lowering costs for American consumers."
Lawmakers and Pentagon officials are urging Congress to approve the bill so to have it signed by President Biden by the end of May. So what can you do in the meantime?
✅ $100 million - Crop insurance incentives to increase double-cropping wheat
This is kinda complicated but basically, the USDA is striving for 10 millions acres of U.S farmland used for double-cropped commodities in 2023. So the Biden admin wants to offer subsidies of $10 for each acre you use to plant certain crops. It’ll also help you insure those crops. In this instance, the ideal crops are winter wheat and soybeans.
✅ Stay up to date
Knowing what’s going on with current events is key to the economic and agricultural health of your farm or ranch. FarmRaise can help you stay on top of important news.
✅ Check out Marketing Assistance Loans (MALs)
Remember those grain prices we listed before? MALs allow you to take out a loan at harvest so you can hold that grain until prices are higher. Harvest low, sell high!
✅ Keep doing what you do best with an FSA Microloan
Until we know if the bill is approved and how it will be administrated, keep applying for funding. A good place to consider starting is a low-interest FSA Microloan.
An FSA Microloan can be used for
Farming is about honoring traditions while paying attention to current changes. For those who have learned to adapt, be sure you're getting the support you need.
The news has been sobering lately and it’s hard to watch fellow farmers suffer. If you’re concerned about your fellow producers in Ukraine, consider making a donation in support of humanitarian efforts there.
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