President Joe Biden is proposing $33 billion in emergency FY22 supplemental funding to provide additional assistance to Ukraine in its war with Russia and address the economic impact of the conflict on the United States.
The White House funding request sent to Congress today included $500 million in incentives for U.S. farmers to boost production of crops like soybeans and wheat to address global food shortages due to the war in Ukraine.
According to a White House fact sheet, through higher loan rates and crop insurance incentives, the legislative proposal to Congress would provide greater access to credit and lower risk for farmers growing soybeans and other commodities while lowering costs for American consumers.
ASA is looking forward to public release of more detailed information from USDA. Proposed changes will not be effective immediately as Congress will review the proposed legislative changes and determine next steps.