# U.S. GAO - Crop Insurance: Update on Opportunities to Reduce Program Costs

> A GAO report finds that federal crop insurance cost $17.3 billion in 2022, with about $12 billion going to premium subsidies and $3.7 billion paid to private insurers. GAO recommends Congress consider reducing subsidies for the highest-income policyholders.

- Date: 2023-12-01 · published 2023-12-01T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/33155-u-s-gao-crop-insurance-update-on-opportunities-to-reduce-program-costs
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Possible changes to crop insurance subsidies could affect future acreage decisions and farm risk management, but the impact on feed prices is indirect and long-term.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2017-06-30 | [U.S. farmers running out of opportunities to sell corn at profit](https://feedsoft.ai/events/70521-u-s-farmers-running-out-of-opportunities-to-sell-corn-at-profit.md) | +5.6% | +3.1% |
| CORN | 2023-04-20 | [Factors to consider for new crop opportunities](https://feedsoft.ai/events/36429-factors-to-consider-for-new-crop-opportunities.md) | -1.0% | -9.9% |
| CORN | 2020-03-01 | [Unstable crop yields reveal opportunities for site-specific adaptations to climate variability](https://feedsoft.ai/events/54447-unstable-crop-yields-reveal-opportunities-for-site-specific-adaptations-to.md) | +1.7% | -3.5% |
| CORN | 2024-08-12 | [U.S. grains: Soybeans fall to four-year low on record U.S. crop estimate - Manitoba Co-operator](https://feedsoft.ai/events/10466-u-s-grains-soybeans-fall-to-four-year-low-on-record-u-s-crop-estimate-manitoba.md) | -1.6% | +1.4% |
| CORN | 2022-04-12 | [April Update to 2022 Crop Budgets: Projected Profits Even with Record Costs - farmdoc daily](https://feedsoft.ai/events/13371-april-update-to-2022-crop-budgets-projected-profits-even-with-record-costs.md) | +5.0% | +1.4% |
| SOY | 2023-04-20 | [Factors to consider for new crop opportunities](https://feedsoft.ai/events/36429-factors-to-consider-for-new-crop-opportunities.md) | -4.7% | -11.3% |
| SOY | 2020-03-01 | [Unstable crop yields reveal opportunities for site-specific adaptations to climate variability](https://feedsoft.ai/events/54447-unstable-crop-yields-reveal-opportunities-for-site-specific-adaptations-to.md) | -0.0% | -0.2% |
| SOY | 2024-08-12 | [U.S. grains: Soybeans fall to four-year low on record U.S. crop estimate - Manitoba Co-operator](https://feedsoft.ai/events/10466-u-s-grains-soybeans-fall-to-four-year-low-on-record-u-s-crop-estimate-manitoba.md) | -8.7% | -2.7% |

## Sources

- gao.gov: https://www.gao.gov/products/gao-24-106086

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.