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In his recent analysis of crop insurance guarantees, University of Illinois Farm Management Specialist Gary Schnitkey makes the observation that the significantly lower guarantees expected for the 2014 crop demonstrates the inappropriate nature for crop insurance to be the lone safety net for agriculture.
Crop insurance can provide support from planting to harvest, but once the fall guarantee is set on a revenue protection policy, there is no more that crop insurance can do to provide financial support. Consequently, the type of safety net and the level of funding that Congress will appropriate become increasingly important as commodity prices continue to spiral downward.
The four top leaders of the House and Senate Agriculture Committees have become their own self-appointed Conference Committee to resolve the differences between the House and Senate’s versions of a new Farm Bill.