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Biden asks Congress for $33 billion to address global food shortages, producer support
President Biden has asked Congress for $33 billion dollars to address global food shortages and increase U.S. crop production.
The White House says $500 million will assist in the production of domestic crops that are experiencing shortages because of the war in Ukraine. The administration says higher loan rates and crop insurance incentives for wheat and soybeans lowers the risk for farmers and decreases food costs for consumers.
USDA says the loan rate for wheat will be raised to $5.52 per bushel. For soybeans and other oil seeds it will be 40 percent. Rates for rice and pulse crops would increase 21 percent. Farmers who double crop wheat with soybeans would receive a $10 an acre incentive.
The summary says an additional $3 billion in humanitarian assistance would provide wheat and other commodities to people in need build resilience to global food supplies and price shocks.
And, an additional $8.5 billion would provide economic assistance to Ukraine and includes support for small-and-medium sized agribusinesses during the fall harvest and natural gas purchases.
