Cotton growers are requesting updates to loan programs in the 2023 Farm Bill.
During a House Ag Subcommittee Hearing this week, National Cotton Council Chairman Shawn Holladay of Texas highlighted the Non-Recourse Marketing Loan Program for upland cotton.
“Despite higher production costs, the maximum level of the loan rate has remained at 52 cents since 2002. It should be increased to better reflect the cost of production and recent market prices.”
He says various loan repayment provisions should also be modernized to better reflect the global market and higher storage and logistics costs.
