Agricultural economist’s at the University of Illinois, have highlighted the potential impact of the $21 billion FARM Act (Farmer Assistance and Revenue Mitigation Act of 2024), which is currently being proposed in Congress. The bill would provide substantial payments to farmers and producers with estimates suggesting $100 per acre for corn, $49 for soybeans, $85 for wheat, and $200 for cotton.
According to the experts, such payments could significantly improve profitability for producers, many of whom are facing negative net incomes without this support. He emphasizes that these payments would help shift the financial outlook for most farms.
Despite the positive promises of the FARM Act, experts noted that the legislation faces challenges in the upcoming lame duck session of Congress, meaning any payments may be delayed. Also suggesting that if the FARM Act doesn’t pass, agricultural relief could be tied to disaster relief packages, particularly those related to hurricane recovery.
While the timing and outcome remain uncertain, experts at the University of Illinois believe some form of aid will ultimately be available to farmers in the near future.
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