Both the American Soybean Association and two major rice producers' groups this week backed House Agriculture Committee Chairman Collin Peterson's, D-Minn., farm bill proposal. ASA president John Hoffman praises the proposal as balanced and a step in the right direction toward rebalancing the support provided to oilseeds in relation to other program commodities." The proposal includes a soybean target price of $6.10.
The USA Rice Federation and US Rice Producers Association also commended the bill's balance, specifically in regards to balancing loan rates, direct payments and target prices in farm programs. The groups say they were happy with the results of the 2002 Farm Bill and hope for a continuation of the safety nets available for rice producers. The committee markup for the bill is scheduled for July 17.