Thanks to massive corn production increases over the last 12 years—incentivized by the Renewable Fuel Standard (RFS)—our nation has an oversupply of corn. As basic economics teach, too much supply leads to cheaper prices, and those cheaper prices are putting the stretch on farm incomes. What’s worse for farmers is that while incomes are declining, operation costs and production expenses are projected to go up—increasing by $3.5 billion in 2018.
Congress has put off RFS reform for long enough. Thanks in part to the RFS mandate and its enormous price distortions, local farmers are facing burdensome economic conditions, and our heartland is being transformed. It is time to demand real change on behalf of our nation’s farmers—the individuals the RFS promised, yet failed, to support.