The president is earmarking $500 million for American agriculture
By Diego Flammini
President Biden’s request to Congress for $33 billion in additional aid for Ukraine includes American agriculture.
Of the total amount, the president would allot about $500 million (or about 1.5 percent of the total ask) for domestic food production assistance.
“Through higher loan rates and crop insurance incentives the request provides greater access to credit and lowers risk for farmers growing (wheat and soybeans), while lowering costs for American consumers,” an April 28 document says.
Some information has come out about how some of the $500 million would be distributed.
Around $100 million would be used to pay for a $10-per-acre incentive to farmers who double-crop soybeans and wheat.
And another $400 million would help fund a two-year increase in loan rates for American farmers, encouraging them to produce crops like wheat, rice, soybeans, sunflowers and canola.
The ag sector wants to be included in the congressional conversations to ensure farmer voices are represented.
The National Association of Wheat Growers wants to be involved with the process of helping the Administration “provide incentive payments through crop insurance to increase wheat production by encouraging U.S. farmers to double-crop wheat,” the organization said in a statement.
Farms.com has contacted members of the U.S. ag community for comment.