AGRIBUSINESS: New Farm Bill Draft Released

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The Federal Agriculture Reform and Risk Management Act  (FARRM) has been put to paper and available to the public.

It is largely similar to the 2012 bill that passed the House of Representatives Agriculture Committee but was not given time for floor debate.  Agriculture is now operating under an extension of the 2008 Farm Legislation.

This bill saves $39 billion, including $20 billion in the SNAP or supplemental nutrition program, $6.9 billion from the Conservation Title and $13.8 billion from the Commodity Title and Crop Insurance Title combined.

Target Prices are not in the draft of the bill even though they are favored by the ranking house democrat, Colin Peterson from Minnesota.

The Chair of the House Ag Committee, Frank Lucas from Oklahoma, said he omitted the target prices due to a World Trade Organization case brought by Brazil against U.S. Cotton Producers.

The House bill offers a two year transition payment to cotton growers that will cushion the end of direct payments.

The bill repeals Direct Payments,  Counter-Cyclical Payments, ACRE and SURE Programs.

The Conservation Reserve Program will be reduced by one million acres. from 25 to 24 million, while the Conservation Stewardship Program (CSP) acreage will be capped at 8.7 million acres.

A draft of the full farm bill is available here.
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