(NAFB.com) – Republican governors have written Congress on the urgent need to update the 2018 Farm Bill. In the letter, the state leaders emphasized how the agriculture industry has experienced high inflation, high input costs, high interest rates, catastrophic weather events, natural disasters, regulatory uncertainty, and a growing agricultural trade deficit. High inflation has significantly increased the costs of essentials like seed, fertilizer, and fuel, with some input prices rising over 30% in just the past year. Unprecedented droughts, fire, floods, and hurricanes have devastated crops and livestock across the country. Elevated interest rates are making it more difficult for farmers to secure the financing they need for operations, while supply chain disruptions continue to hinder access to critical resources. American farmers and ranchers are the most productive, effective, and efficient producers, with each farm, on average, feeding 150 people globally. In the vast majority of states throughout the country, agriculture serves as the largest industry. Farmers and ranchers serve as the best stewards of our land, preserving our natural resources for generations to come, ensuring rural communities continue to thrive. Farmers are projected to lose up to $35 billion in lost profit this year alone.