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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. Commodities IX. Energy Conservation X. Hort. & Organic Ag. Trade XI. Livestock Nutrition XII. Crop Insurance

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The 2014 Farm Bill

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  1. The 2014 Farm Bill Ames, Iowa May 31, 2014 Chad Hart Associate Professor/Crop Markets Specialist chart@iastate.edu 515-294-9911

  2. 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

  3. Farm Bill Projected Spending Projected Spending 2014-2018 $489 Billion

  4. 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

  5. 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

  6. 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

  7. PLC vs. CCP and DP

  8. 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

  9. ARC-County

  10. Producer Choice

  11. 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/

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