Background for 1990 Farm Legislation: Soybeans and Peanuts

摘要

Soybean acreage and production declined in the 1980's, reflecting effects of Federal commodity programs, foreign competition in oilseeds production, and sluggish economic growth in many soybean importing countries. Although soybean prices are supported by a Government loan program, market prices have exceeded the loan rate in recent years. Issues for soybeans in 1990 farm legislation will include the price support level, crop substitution on program crop acreage bases, and a marketing loan for soybeans. Peanut producers in the United States have elected mandatory marketing quotas with a two-tiered price-support program. Peanuts sold within a producer's quota qualify for a higher support price than peanuts sold outside the quota. A major issue for the peanut program in forthcoming legislation is whether to continue the current program or to include peanuts in a general agricultural program with other commodities.