The sector‐level safety net provided by the current mix of farm programs

Patrick Westhoff, Marc Rosenbohm, Youngjune Kim and Benjamin Brown

Applied Economic Perspectives and Policy, 2022, vol. 44, issue 3, 1204-1221

Abstract: Current farm policy includes a diverse set of programs intended to provide a financial safety net for producers of grains, oilseeds, and cotton. These programs make payments contingent on national market prices and yields at the farm or county level. A review of data for the 2014–2020 period demonstrates the successes and limitations of crop insurance, agriculture risk coverage and price loss coverage at offsetting reductions in national net market revenues for particular crops. Forward‐looking stochastic analysis confirms these programs protect against different types of risks but provide support levels that can vary greatly across commodities and time.

Date: 2022
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https://doi.org/10.1002/aepp.13273

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Persistent link: https://EconPapers.repec.org/RePEc:wly:apecpp:v:44:y:2022:i:3:p:1204-1221

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