Commodity groups asking for higher reference prices in the 2023 Farm Bill

Commodity groups are asking for updated reference prices for the Price Loss Coverage Program in the 2023 Farm Bill.

During a House Ag Subcommittee hearing on Wednesday ranking member David Scott acknowledged that nearly every testimony highlighted how reference prices set in the 2014 Farm Bill using 2012 data is outdated. National Cotton Council Chairman Shawn Holladay explained why, “Supply chain disruptions and geopolitical challenges have led to a dramatic increase in production costs leading to tighter margins and decreased profitability.

…