(Posted Mon. May 14th, 2012)
May 14: As the House Agriculture Committee continues farm bill hearings this week, the National Corn Growers Association and several other agriculture groups today sent a letter to House Ag Chairman Frank Lucas and Ranking Member Collin Peterson on the importance of crop insurance.
“Federal crop insurance provides an effective risk management tool to farmers and ranchers when they are facing losses beyond their control,” the letter stated. “It reduces taxpayer risk exposure; it makes hedging possible to help mitigate market volatility; and it provides lenders with greater certainty that loans made to producers will be repaid.”
NCGA has previously stated that crop insurance remains the number one priority in the new farm bill as well as a market oriented, risk management tool to cover multi-year price declines. Chip Bowling, a member of the Corn Board and liaison to the Public Policy Action Team, during a hearing on Wednesday before the Subcommittee on General Farm Commodities and Risk Management.