University officials discuss farm policy and budget debate
Date 2013/2/19 12:40:00 | Topic: News
|There is a lot of uncertainty about farm policy in Washington, and current budget debates will determine whether there will be a farm bill and what it will look like, said Pat Westhoff, Director of the University of Missouri Food and Agricultural Policy Research Institute.|
The debt limit has been delayed until May, but fiscal year 2013 appropriations have a much shorter time, as the continuing resolution to keep the government running expires after March 27.
Westhoff discussed commodities and suggested that even average weather conditions in 2013 could cause a sharp fall in crop prices. He reminded the audience that current prices are because of how bad last year’s crops were.
While a more normal crop in 2013 would bring a drop in prices, Westhoff said another year of drought would take prices as high or higher than they are currently.