Thomas Daschle: “The first is that since the Senate has attempted to address this problem in July, the situation has worsened…”

“The first is that since the Senate has attempted to address this problem in July, the situation has worsened immeasurably. To the extent that we can measure it, it is simply important for all of us to understand that prices have fallen dramatically just in the last 6 weeks. For July, corn prices have fallen 28 percent. For wheat, since July, prices have fallen an additional 20 percent. For soybeans, an additional 20 percent, and that is just since July. The bottom has fallen out of the market. The situation continues to worsen. Mr. President, we have no choice but to take as immediate an action, as comprehensive an action as we possibly can to address this problem. Very simply, the second point is to simply address one last time what it is we attempt to do. The Senator from Iowa ably, again, articulated why we need to increase the cap on the marketing loan. That is No. 1. No. 2, so farmers aren't forced to move their grain onto the market, we give them the opportunity to store their grain on an emergency basis.”