The 2014 Farm Bill
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The 2014 Farm Bill. Ames, Iowa May 31, 2014 Chad Hart Associate Professor/Crop Markets Specialist chart@iastate.edu 515-294-9911. Farm Bill Titles. Commodities IX. Energy Conservation X. Hort. & Organic Ag. Trade XI. Livestock Nutrition XII. Crop Insurance

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The 2014 farm bill

The 2014 Farm Bill

Ames, Iowa

May 31, 2014

Chad Hart

Associate Professor/Crop Markets Specialist

chart@iastate.edu

515-294-9911


Farm bill titles
Farm Bill Titles

Commodities IX. Energy

Conservation X. Hort. & Organic Ag.

Trade XI. Livestock

Nutrition XII. Crop Insurance

Credit XIII. Commodity Futures

Rural Development XIV. Miscellaneous

Research XV. Trade & Taxes

Forestry


Farm bill projected spending
Farm Bill Projected Spending

Projected Spending

2014-2018

$489 Billion


Old vs new
Old vs. New

Direct Payments (DP)

Countercyclical Payments (CCP)

Marketing Loans (LDP)

Revenue Countercyclical Payments (ACRE)

  • Countercyclical Payments (PLC)

  • Marketing Loans (LDP)

  • Revenue Countercyclical Payments (ARC)

New programs, but they have strong similarities to previous programs


Marketing loans
Marketing Loans

Loan Rates

Set by law

Corn $1.95

Wheat $2.94

Soybean $5.00

Sorghum $1.95

Barley $1.95

Oats $1.39


Plc instead of ccp
PLC instead of CCP

Price-based support program

Reference prices establish targets

Works like CCP

Payment rate = Max(0, Reference price – Max(MYA price, Loan rate))

Payment = Payment rate * Payment yield * Payment acres



Arc instead of acre
ARC instead of ACRE

Revenue-based support program

Revenues based on 5-year Olympic average yields and prices

Yields and prices have cups (County T-yields and reference prices)

Triggers at county or individual farm level, instead of state level




The 2014 farm bill

Thank you for your time!Any questions?My web site:http://www.econ.iastate.edu/~chart/Iowa Farm Outlook:http://www.econ.iastate.edu/ifo/Ag Decision Maker:http://www.extension.iastate.edu/agdm/