Soybean Growers Weigh In With Their Money Hopes

July 29,1999

The American Soybean Association wants Congress to include 11 of its proposals in any 1999 farm relief plan. While not including a price tag on the proposals, ASA wants direct payments, the limit on loan deficiency payments extended, disaster assistance, crop insurance reform and funding for infrastructure improvements, among other things.

Soybean prices have declined to levels not seen since the early 1970s, says ASA, and since soybeans are not part of the 1996 farm law payments formula, soybean payments should be distributed based on a producer's share of total soybean production in 1999. The LDP limit now is $75,000, but efforts are underway in Congress to double that.

Improving the nation's infrastructure "is critical to maintaining and enhancing U.S. agricultural competitiveness in domestic and international markets. Congress should authorize $1.2 billion for 1,200-foot locks on the Mississippi and Illinois Rivers and immediately appropriate $9 million for their design," says ASA.

The Independent Community Bankers of America added another voice of support for farmer assistance this year. ICBA wants "a substantial multi-billion dollar funding package"; sufficient funds and flexibility for Farm Service Agency loan guarantees; trade, export, concessional and food aid programs; crop and revenue insurance reforms and increased deposit insurance levels; counter-cyclical tools to provide assistance when exports and prices decline sharply; expanded Conservation Reserve Program acres and more flexibility in the CRP, and the appointment of an agricultural expert to the Federal Reserve board of Governors.