Biden asks Congress for $33 billion to address global food shortages, producer support

President Biden has asked Congress for $33 billion dollars to address global food shortages and increase U.S. crop production.

The White House says $500 million will assist in the production of domestic crops that are experiencing shortages because of the war in Ukraine. The administration says higher loan rates and crop insurance incentives for wheat and soybeans lowers the risk for farmers and decreases food costs for consumers.

USDA says the loan rate for wheat will be raised to $5.52 per bushel.

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