Family Farmers Urge Strengthening of Credit and Risk Management Tools

Family farmers in the US are facing significant economic challenges, including access to affordable and reliable credit, competitive markets, and a robust farm safety net. As part of their efforts to address these issues, the National Farmers Union is advocating for improvements to Farm Service Agency (FSA) loan programs, credit, and risk management tools. Montana Farmers Union member John Wicks recently testified before the U.S. House Committee on Agriculture, highlighting the importance of these changes for family farmers like himself, who own and operate Tiber Ridge Organics in Montana.

Key Takeaways:

• The US family farming sector is experiencing significant economic stress, with farm bankruptcies on the rise due to high input costs and low commodity prices.
• Improving Farm Service Agency (FSA) loan programs is crucial for family farmers, including increasing loan limits to reflect the current economic environment, making debt restructuring more feasible, and ensuring the programs meet the unique needs of all types of producers.
• Corporate monopolies in agriculture remain unchecked, posing a major challenge to farmers despite recent changes to improve the farm safety net.
• John Wicks, a fourth-generation Montana farmer, testified that family farmers require fair and competitive markets, a robust farm safety net, and adequate credit and risk management tools to build and sustain successful agricultural operations.
• Wicks' Tiber Ridge Organics farm grows a variety of crops, including lentils, chickpeas, wheat, durum, rye, and barley.
• The NFU is advocating for policy changes to address these challenges, including improving access to affordable and reliable credit and risk management tools.

Statistics:

• Farm bankruptcies are on the rise in the US.
• Recent changes to improve the farm safety net may help alleviate some challenges, but farmers will face major economic stress as long as corporate monopolies in agriculture remain unchecked.
• Family farmers like John Wicks require a fair and competitive market, a robust farm safety net, adequate credit, and well-functioning risk management tools to succeed.

Sources:

• National Farmers Union (NFU) press release
• Testimony of John Wicks, Montana Farmers Union member, before the U.S. House Committee on Agriculture Subcommittee on General Farm Commodities, Risk Management and Credit