American Farm Bureau Federation President Zippy Duvall commented today on the full passage of the continuing resolution that includes economic and disaster aid for farmers and a farm bill extension.

“Farm Bureau thanks the House and the Senate for finding common ground and passing legislation that will keep the government open and help farmers who are struggling with natural disasters, high supply costs and out-of-reach interest rates. For many farmers, the disaster relief provided through the CR will be the difference between planting for another year or going out of business.

WASHINGTON, December 6, 2024 – American Farm Bureau Federation President Zippy Duvall commented today on the lack of Congressional action in the lame duck session to address the immediate needs of farmers and rural America.

“Now that Congressional leaders signaled plans for yet another extension of the farm bill instead of modernizing it, it is imperative that they address the well-defined and fully substantiated needs of farmers just trying to hold on for another season.

“The recent hurricanes wreaked havoc on farms across the southeast, leaving some farmers with massive losses. They need disaster aid to recover and rebuild. Additionally, the projected two-year drop in net farm income of more than $40 billion dollars demonstrates the seriousness of the overall agricultural downturn. Without a new farm bill to help farmers manage risk, Congress must act to help bridge the gap through economic relief to help farmers cope with inflation, high supply costs and decreasing commodity prices.

“The frightening financial pinch farm families across the country are experiencing is real. There is clear evidence all around us: land auctions are on the rise; equipment purchases have slumped; and lenders are warning that operating loans are in jeopardy without some assurance farmers are going to be able to repay the loans. Today, the books just aren’t balancing.

“We’ve lost 141,000 farms in five years and no one wants to lose more. Americans overwhelmingly want Congress to act: 78 percent say U.S. lawmakers should prioritize legislation that supports farmers and ranchers. The window is narrowing for Congressional action. The time is now. I urge lawmakers to stand with rural America.”

USDA's December 2024 farm income forecast confirms just how tough a year it's been for American agriculture, with slightly revised projections offering little relief to farmers, who are losing nearly a quarter of their income in two years. Net farm income is now projected at $140.7 billion for 2024, down $6 billion (4.1%) from 2023 and $41.2 billion (22.6%) from the $181.9 billion peak in 2022