By Jamie Martin
Senator John Boozman, ranking member of the U.S. Senate Agriculture Committee, has released the Senate Republican-drafted framework for the 2024 Farm Bill, tailored to meet the priorities of the U.S. Peanut Federation (USPF).
This framework includes maintaining the Price Loss Coverage (PLC) Program and proposes a significant increase in reference prices to reflect rising production costs since the 2018 Farm Bill.
The legislation also introduces a voluntary base update, responding to feedback from peanut growers, shellers, and buying points across the peanut belt.
Senator Boozman's consultations with industry stakeholders highlighted concerns such as increased production costs, financing challenges, labor shortages, and trade barriers, underscoring the need for these policy adjustments.
In response to the framework, the USPF expressed appreciation for addressing industry concerns and urged bipartisan support for the bill's passage in the Senate. Key priorities for the peanut industry include ensuring a robust safety net through higher reference prices under the PLC program and facilitating voluntary base updates, particularly beneficial for new farming entrants and regions without existing peanut bases.
Jamie Brown, Chairman of the USPF, emphasized the importance of these provisions in testimony before the Senate Agriculture Committee, stressing the necessity of price adjustments and base updates to sustain peanut farming viability across diverse production areas in the U.S.
Senator Boozman's proposed framework aligns with industry demands for enhanced support mechanisms and regulatory flexibility, aiming to bolster the resilience of peanut farming amid economic challenges and shifting agricultural landscapes.
Categories: National