American agricultural groups call for maintaining the existing protective price policy of soybean

Introduction: news from Washington is based on concerns about long-term agricultural legislation and uncertainty in foreign exchange A U.S soybean group on Friday called on the U.S Department of agriculture to maintain government lending rates at current levels in 2002 The American Soybean Association urged the USDA to maintain its soybean loan protection policy at the current $526 / bushel, rather than lowering the soybean loan rate to the current minimum of $4.92/bushel proposed by the agricultural act Bart Ruth, President of the American Soybean Association, said that if loan rates were allowed to be cut directly, the income of soybean producers would be reduced by $1 billion In a statement, Ruth said that a lower interest rate on soybean loans would only lead to further increases in soybean production, which is currently oversupplied Ruth said that maintaining the existing soybean loan interest rate is to protect soybean producers from the impact of negative factors brought by the high price of the US dollar and the sharp depreciation of the Brazilian currency, which have sent false signals of soybean production to Brazilian farmers Brazil is a major U.S competitor in the soybean market In the next few years, American agricultural policy set by American agricultural legislation has been passed by the lower house But the White House has not yet finalized the scope of agricultural legislation The upper house has not yet passed its own agricultural legislation, and the prospect of a final dispute in parliament is slim.