New economic research reports commissioned by Senator Boozman (R-AR), ranking member of the U.S. Senate Agriculture Committee, highlight the negative economic impact of higher input costs on farms. Farms across the United States have seen substantial increases in input costs this year, and those costs are weighing heavy on farmers despite increased commodity prices. One of the most harmfully affected commodities is rice, which has not experienced the commodity price surge that other crops have in the last year.
Both studies indicate a need to consider increases to reference prices for commodity title safety net programs to be more reflective of the current market conditions. The reports also indicated a potential need for supplemental assistance for the 2022 crop year. The research reports were conducted by the Agriculture and Food Policy Center at Texas A&M and the University of Arkansas Division of Agriculture.
AFPC Representative Farm Report