News

NOVEMBER 15, 2024

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America’s farmers and ranchers need immediate congressional support. They are enduring a severe downturn in the agricultural economy, exacerbated by unprecedented weather and natural disasters. They need the help and support of Congress to continue producing food and fiber to feed the world.

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We ask Congress to work expeditiously on two fronts before year-end. First, Congress must provide emergency funding for agricultural producers recovering from disasters – both economic and weather-related. Second, Congress needs to enact a 5-year Farm Bill providing an enhanced safety net for farmers and ranchers.

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As the CEO of Mississippi Land Bank, I witness, first-hand, the challenges of cotton, corn, soybean, and rice producers and nearly all agricultural products that face increasingly difficult economic circumstances. These challenges are intensified by heavy rains in some areas of our territory with drier conditions in other parts of the territory. Some areas have experienced these conditions for two consecutive years.

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Low prices for ag products, coupled with high input costs, are creating severe losses for many producers. In some regions and for some producers, 2024 is the second or third consecutive year of loss. Experts predict the current economic environment to continue in 2025. These challenges may cause many producers to discontinue their operations.

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As a cooperative and a mission-driven lender, owned and governed by our customers, Mississippi Land Bank will continue leveraging our financial strength to support U.S. producers through this difficult period. Already, we are helping our customers by stretching out loan repayment schedules, rolling over operating debt from 2024, and more. We anticipate the pace of loan restructurings to increase heading into what we expect will be a challenging winter/spring loan renewal season.

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Congress must keep in mind that current conditions are making it especially difficult for our young and beginning producers, many of whom do not have significant equity built up from long-time land ownership. Many of these producers have few remaining options as they work to continue for another growing season. We need Congress to take action to ensure the next generation of agriculture can make it through this downturn. Even experienced producers who have built equity through rising land values also face difficult decisions about how much of their hard-earned equity to risk with no sign of profitability on the horizon.

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All producers need the certainty of a full 5-year Farm Bill with additional federal investment that reflects today’s market reality. In addition, producers hard hit by disasters over the past several months need help to rebuild their operations and continue production.

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We thank the House and Senate Agriculture Committees for working hard behind the scenes to bring relief to American farmers and ranchers. Mississippi Land Bank thanks Congressman Trent Kelly for leading the way in initiating relief efforts for American farmers. We also thank Senator Cindy Hyde-Smith and Senator Roger Wicker for being stalwarts for the Mississippi agriculture industry.

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As Congress returns to Washington, I urge them to help farmers and ranchers by enacting a strong Farm Bill and passing emergency disaster assistance this year.

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Sincerely,

CHAD E. CROW

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