Virtual Farm Economic Summit: Post-election farm policy outlook
ILLINOIS – 2020 truly has been a year like no other for Illinois agriculture. The year started with great hope for a surge in agricultural exports to China as a result of the Phase I trade agreement with China and then the COVID pandemic hit. The pandemic absolutely rocked the global economy and caused the US economy to fall into the worst contraction since the Great Depression. This caused most agricultural prices to plummet and the creation of new ad hoc government programs to assist the sector. Just when it appeared that things might get even worse with large crops this summer, the grain markets took off, with corn prices rising to $4 and soybean prices to $11.
We consider both the short- and medium-run outlook for US farm policy following the 2020 election. We provide an updated review of three years and four rounds of ad hoc farm payments, including an analysis of payment distribution and program design for the Market Facilitation Program (MFP) and Coronavirus Food Assistance Programs (CFAP). We discuss what the perceived need for ad hoc assistance says about standing farm programs such as Agricultural Risk Coverage (ARC) and Price Loss Coverage (PLC) and the implications for future coronavirus-related relief and the prospective 2023 Farm Bill.
College of Agricultural and Consumer Economics Presenters
Jonathan Coppess, Assistant Professor and Joe Janzen, Assistant Professor
The webinar will consist of 30 minutes of presentation and 30 minutes for Q&A. Registration is free. Signing up for this session also gives access to the entire 2020 Virtual Illinois Farm Economic Summit.