Felty cited his own experience with a hailstorm that significantly damaged his wheat crop, underscoring the importance of insurance in maintaining farm operations.
Felty advocated for an increase in the wheat PLC reference price, which has not been updated since 2018 despite a 30% increase in the cost of crop inputs. This adjustment is essential for the economic viability of wheat farmers, especially given the extensive global reach of U.S. wheat exports.
Felty's testimony also covered the wider impacts of high input costs, elevated interest rates, and depressed commodity prices, which have collectively led to a 43% decrease in net cash farm income for wheat growers from 2023 to 2024, marking a 15-year low.
Concluding his testimony, Felty urged for a comprehensive and meaningful farm bill that could provide long-term certainty and support for the agricultural community as it navigates these turbulent times.
NAWG continues to collaborate with Senate members to help shape a farm bill that addresses these pressing issues and promotes the sustainability of the U.S. agricultural economy.