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Compeer Financial highlights importance of farm safety net

The president and CEO of Compeer Financial says the 2023 Farm Bill must maintain an adequate farm safety net.

Testifying before a Senate Ag subcommittee Thursday, Jase Wagner said farmers and ranchers are facing tighter margins.

“Federal risk management programs are well suited to their purpose,” he said. “Our crop and livestock insurance programs are inclusive and consistent. They create stability and certainty in an uncertain world.”

He says the farm bill can help knock down some entry barriers for young and beginning producers.

“FSA loan programs are effective but need to be updated and streamlined to best support producers and in particular small, young and beginning whose needs and financial structures are changing,” Wagner said. “Succession planning is a real issue. We need FSA to be adaptable to that issue.”

Wagner says net cash income for farmers is expected to decrease in 2023 after setting a record in 2022.

The hearing was held by the U.S. Senate Subcommittee on Commodities, Risk Management, and Trade.