Greenville Reporter

WASHINGTON, D.C. — On August 8, 2023, Congressman Don Davis (NC-01) introduced the Agricultural Commodities Price Enhancement Act. The legislation increases the reference price for wheat, corn, soybeans, peanuts, and seed cotton.

"Input costs for our farmers are astronomically high right now, whether it be fertilizer, seeds, or labor, and not to mention the volatility of the current world food market," said Congressman Davis. "Farmers need some certainty that they will be able to farm next year if their crops are not bringing in enough income to provide for their families. The Agricultural Commodities Price Enhancement Act of 2023 directly addresses this by increasing reference prices for key commodities grown in eastern North Carolina and across the U.S. Higher reference prices ensure that farmers can recoup some income if the market value of their commodities plummets, keeping our farmers in business so they can do what they do best: feed and clothe America.”

The Agricultural Commodities Price Enhancement Act increases the reference price for multiple commodities grown throughout eastern North Carolina and the U.S. The bill increases the reference price for wheat, corn, soybeans, peanuts, and seed cotton. Reference prices determine payouts from the Price Loss Coverage Program (PLC), and farmers receive payments from the program when market prices fall below the effective reference price.

As Vice Ranking Member of the House Committee on Agriculture, Congressman Don Davis is fighting for eastern North Carolina and rural America’s agriculture industry. He is fighting the good fight of faith in Washington, D.C., to deliver a strong bipartisan Farm Bill that will provide resources and equipment to our farmers, families, and rural communities.

Original source can be found here.