The American Soybean Association (ASA) recently reported on MFP payments for unharvested soybeans, great progress on the 2018 Farm Bill in the lame duck congress and work on a biodiesel tax credit extension.
In a nutshell:
MFP Payments for Unharvested Soybeans
The ASA confirmed that “crops do not need to be stored in bins or a local elevator for farmers to estimate production. FSA will accept a producer’s record of bushels harvested. Also, severe quality loss is not a factor in determining eligibility for the payment, just the volume of production.”
Action on 2018 Farm Bill
A joint statement from bipartisan congressional leaders indicates that Congress has reached an ‘agreement in principle’ on a 2018 Farm Bill. While some technical work remains, there’s good reason to be hopeful an agreement on this much-needed legislation is near.
Tax Reform and Reviving Certain Expired Credits
Finally, House Way & Means Committee Chairman Kevin Brady (R-TX) released a tax bill to correct some tax reform provisions and extend several expired tax credits. The ASA believes this will provide much needed ‘certainty and stability’ for the biodiesel industry. The ASA urges soy growers to reach out to your representatives to support this vital initiative.