The Senate Agriculture Committee reviewed risk management tools Tuesday, taking testimony from lenders, the crop insurance industry and farmers. Caleb Hopkins is an ag banker with Dakota Mac, a subsidiary of First Dakota National Bank in Yankton, South Dakota. Hopkins was asked about updating farm loan limits in the next farm bill. “The increase in capital expenses, along with just your normal operating costs, have grown substantially over the last five years and when you look at what land costs have done, the guaranteed limits have not kept pace in that time period,” said Hopkins. “That would allow us as lenders to have more tools to get creative with as we work through these adverse times.” This was the third in a series of ag committee hearings about the farm economy.
