Page 30 - Market Access Program News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The success of our economy depends on the success of our farmers. Agriculture contributed roughly $1.3 trillion to GDP in 2021, with direct farm output reaching nearly $165 billion, according to the Department of Agriculture. The 2023 Feeding the Economy report also confirms the importance of agriculture to the economy, finding that nearly 43 million jobs, $2.3 trillion in wages, and $7.43 trillion in total food and industry economic activity are tied to agriculture. In other words, nearly 20% of the economy and roughly 30% of jobs are connected to agriculture in some way.

The Department of Agriculture has agreed to use Commodity Credit Corporation funds to spend about $1.4 billion on a program to help farm groups market their commodities overseas and about $1.1 billion to pay for commodity-based international food aid, according to sources.

House Agriculture Committee Chairman Glenn “GT” Thompson, R-Pa., said he believes if a farm bill is passed before the end of the calendar year it will avoid any “major disruption” despite the upcoming September 30 expiration.

Lawmakers say they’re far from reaching agreement on a new farm bill, but farmers and consumers needn’t fear. The prospect of $10-a-gallon milk next year likely will ensure that Congress passes some kind of extension of the 2018 farm bill by early 2024.

Farm groups have grown accustomed over the last few years to having more money to work with for promoting their products overseas, but that abundance could come to an end quickly.