Making the transition to a system of risk management accounts, as Senator Richard Lugar has proposed, would result in huge balances.

That's according to analysis completed by two former USDA economists working for the Ruminant. According to their analysis, Lugar's FARM 21 proposal would result in account balances greater than $10 billion by 2012. That's alot of hay.

Here's how it world work: farmers would be required to put a bigger and bigger share of their direct payment (a subsidy payment linked to a farmer's historic production) into their accounts. When prices fall, farmers could withdraw funds to cover the "shallow" losses that aren't cover by their crop and revenue insurance policies.

Because crop prices are so high (and expected to remain high in response to demand for ethanol), few farmers will need to withdraw funds, according to the new analysis.

So, most farmers would enjoy significant balances, especially corn, soybean and wheat farmers.

Farmer contributions to accounts — which are pemitted but not required — are not included in the analysis, so account balances would probably be even bigger than forecast.

Creating risk management accounts would not only help farmers weather the ups and downs of agriculture but would also help farmers make investments and plan for the future.

Upon retirement, the account balances would be treated as a traditional IRA, reducing pressure to treat their farm as their pension.

No wonder so many newspapers are urging legislators to support a transition to risk management accounts. Who could oppose a proposal that would meet the real needs of farmers but also permit new investments that meet our energy, environmental, health and hunger challenges?