AGRIBUSINESS: Farm Legislation Passed

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The farm legislation passed in the flurry of year end activity and is still not settled. It is not a true farm bill, but a nine month extension of the current law. It is also not known how much of the bill the new congress will fund, however Senator Charles Grassley thinks it is better than nothing.

Senator, Charles Grassley says, "At this late stage of the game, having a one year extension does two things; it lets farmers know what the program is now for the next 2013 crop year and it also maintains the Congressional Budget Office fiscal benchmark so that we have about the same amount of money to deal with next year as we did this year, which will give us an opportunity to pass a good five-year farm bill next year"

The Senate is expected to bring up a new farm bill that is very similar to the current legislation and the House of Representatives is expected to begin mark up of the new programs in late February.