Resolutions on ethanol, competitive markets and reference prices were considered during Corn Congress at the Commodity Classic. South Dakota Corn Growers Association Executive Director DaNita Murray says a resolution by the Minnesota Corn Gowers Association and SDCGA passed. This joint resolution calls for an update to loan rates and reference prices in the next farm bill. “Reference prices and loan rates form the basis as part of formulas for ARC. The national loan rate is used if and when farmers decide to put their crops under loan. We want an increase, but aren’t expecting prices in the statute to be increased to reflect the reality in the marketplace. We’re just looking for a partial update that can be accomplished in a fiscally responsible manner.” It may be July before the National Corn Growers Association finalize their farm bill priorities.
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