By Andi Anderson
The expiration of the 2018 Farm Bill on September 30, 2024, has left farmers in Central Illinois facing uncertainty. While farm bills are typically renegotiated every five years, the 2018 bill received a one-year extension in 2023. Now, without a new bill in place, farmers are unsure of what the future holds.
Bob Benson, an Agriculture Lender at Morton Community Bank and a farmer himself, shared that even before the bill's expiration, farmers were hesitant to invest in new equipment or land.
High input costs and low returns on crops have created a stressful business environment. “We haven’t felt the full impact of the farm bill’s expiration yet,” said Benson, “but we will in 2025 if a new bill isn’t passed.”
One area of concern is crop insurance, which remains intact but could face changes in rules that affect farmers' planning. Charlie Hensley, manager of the Peoria County Farm Bureau, noted that crop insurance provides a vital safety net for local farmers, allowing them to make decisions for the upcoming year with confidence.
Benson also emphasized the importance of this safety net, especially given the significant drop in corn and soybean prices in 2024.
Andrew Larson, director of Government Relations for the Illinois Soybean Association, added that the Farm Bill supports foreign market exports, which is crucial for farmers’ long-term planning and success.
Farmers now wait for a new farm bill to be passed, knowing that the decisions made will impact everything from crop choices to equipment purchases in the years ahead.
Categories: Illinois, Government & Policy