AGRIBUSINESS: 2016 Projected Budget Sends More to USDA

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The proposed Fiscal Year 2016 budget for the U.S. Department of Agriculture has come out, and it's about three percent more than 2015.

More money for research and beginning farmers is in the proposal, as well as a $1.5 billion cut for crop insurance subsidies.

Secretary of Agriculture Tom Vilsack is looking to tweak rates, subsidies, and other parts of the Price Loss Coverage program. He says the budget result is about the same as the farm bill when higher payouts for ARC are combined with slightly less payouts for crop insurance.

USDA projected mandatory funding at $131 billion for 2016 up from $128 billion, with a discretionary funding request for $25 billion.