ST. PAUL, Minn. (AP) Some Minnesota dairy farmers struggling with low milk prices say a federal insurance program created in the 2014 farm bill isn’t providing the protection against falling milk prices that it promised.
Source: Valley News Live
Minnesota Public Radio reports that dairy farmers pay a premium to buy protection against falling milk prices through the margin protection program.
But farmers say that since milk prices have fallen from their record high in 2014, they’ve received little in return for the premiums paid.
John Newton works for the American Farm Bureau Federation, a group that lobbies for agricultural issues. He says that while farmers across the U.S. have invested $100 million in premiums, they’ve only received $12 million from the program.
Congress will complete a new farm bill by the end of the year, but it’s uncertain if dairy farmers will get more funding.