Tag: national crop insurance program

Crop insurance teetering on the “fiscal cliff”

crop insurance program

The farm bill has been pushed to help to save the protection subsidies from the axe. Lawmakers from rural areas who are concerned that the $9 billion in annual federal subsidies for crop insurance may be considered to be an easy target for cutting spending in order to avoid the looming fiscal cliff. They are now seeking a new way to compromise on the farm bill in order to continue protecting farmers. The House and Senate Agriculture Committee chairpersons had already been prepared to use a new farm bill in…

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Crop insurance claims could reach $20 billion this year

Drought Insurance

Droughts in 2012 may lead to record breaking insured losses. The drought continues to drag on through many of the main farming states, leading to crop insurance losses that are expected to break records as a result of ruined soybean, wheat, and corn fields. Almost half of the continental American states are experiencing these exceptionally dry conditions. As a result, every day without a significant soaking rain is raising the crop insurance losses. This, according to a National Drought Mitigation Center report at the University of Nebraska-Lincoln. This is creating…

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