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Sen. Grassley: Most Farmers Will Rebound Next Year

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    Senator Charles Grassley on the impact of the drought on Iowa's economy.

  • Duration 3:58
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-- the worst drought in five decades continues to parts the midwest corn about.

It's more on the jobs impact on Iowa farmers and national food prices.

We're joined by Republican senator Chuck Grassley of Iowa -- thank you so much -- taken the time you know corn drives.

I was thirty billion dollar agricultural.

Economy what's happening right now to the economy.

Your home state.

Twelve on my own farm differences in my son or our birds are -- farm.

It's we're corn is they're really.

And it over the whole state.

I would say that.

Presumed.

Production has been estimated to be down from maybe a 170 bushels per acre down 200.

45 bushels per acre.

Soul and probably even be carried it more than that now on my own farm for instance sense.

Mother's Day when I put the rain gauge out.

We've only had about five and a half inches or rain -- normally would have about fifteen injured during.

So what happens to the economy and in these people are suffering I know you're hoping that the farm bill get passed.

The senate has already passed its version of it set to expire on September 30.

House is struggling and a lot of have to do with food stamps why don't we constantly throwing the kitchen sink into these bills why don't just give -- farm bill out.

There.

Well obviously the senate has already passed a farm bill -- -- them.

House won't take it out -- this week I don't know whether they will or not you'll have to have some congressman.

About that but time I gave a speech on the senate floor last week.

Urging for the urgency -- -- but let me suggest to you that a lot of farmers don't rely on Washington DC to bail them out.

How we have about ninety to 92% of the farmers.

In Iowa have crop insurance now that crop insurance is not going to guarantee a profit for any farmer.

But it probably will.

Make sure that their costs are covered so maybe they're working all year for nothing.

But they'll be able to firm next year there's probably some young farmers that won't be hurt.

There's some farmers and maybe don't have crop insurance if they don't have a lot of equity behind them.

-- might be in trouble but I think most people will be able to continue farming next year.

And unlike the depression of the 1980s.

More almost to the farmland or let's say about -- -- -- present the farmlands paid for.

Where is in the 1980s it was highly leveraged about three dollar and every one of equity.

Right well let's hope that's to -- -- change -- a little bit you're also a member of the agricultural committee.

Which is holding a hearing on MF global and hair green capital on Wednesday.

You know Russell wasn't -- this CEO basically came -- -- said he was.

He was committing fraud for the last twenty years we hear the we have these hearings all the time we hear nothing what do you hope to get out of this one.

Well I hope that we -- satisfied.

That the commodity futures trading organization.

In regard -- -- agreement or in regard to MF global have learned a lesson and that they haven't done an adequate job.

Of overseeing and regulating the way that the -- requires.

But also -- in the case of -- her and some of the -- goes to the national security association.

-- most have primary.

Self regulation.

And maybe the whole issue of self regulation has to be questioned now.

But I can only -- hold the Commodity Futures Trading Commission responsible at this point.

Senator Grassley is I think he'd have a constancy you're -- and some of these people just do not sir thank you for taking the time to -- with us.

Thank you.

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