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The 2008 Farm Bill

The 2008 Farm Bill. ISU Extension ANR Lunch and Learn Ames, Iowa December 12, 2008 Chad Hart Assistant Professor/Grain Markets Specialist chart@iastate.edu 515-294-9911. A Short Timeline for the Farm Bill. May 2005 Farm groups outlines proposals July 2005 USDA begins nationwide forums

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The 2008 Farm Bill

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  1. The 2008 Farm Bill ISU Extension ANR Lunch and Learn Ames, Iowa December 12, 2008 Chad Hart Assistant Professor/Grain Markets Specialist chart@iastate.edu 515-294-9911

  2. A Short Timeline for the Farm Bill May 2005 Farm groups outlines proposals July 2005 USDA begins nationwide forums Feb. 2006 Congress begins farm bill hearings Jan. 2007 USDA releases farm bill recommendations July 2007 House passes its version of the farm bill Dec. 2007 Senate passes its version May 2008 House and Senate agree on farm bill June 2008 House and Senate override veto of farm bill

  3. 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

  4. Farm Bill Projected Spending Projected Spending 2008-2013 $297 Billion

  5. The 2008 Farm Bill • Continues many of the same programs we have currently • Direct payments • Price countercyclical payments (CCPs) • Marketing loans • CRP, EQIP, and other conservation programs • Gives producers a choice on programs • Average Crop Revenue Election (ACRE) • Sets up new permanent disaster program • Supplemental Revenue Assistance Payments Program (SURE)

  6. Commodity Title Target Price Changes Direct payments and loan rates unchanged Payment acres reduced 2009-11 (to 83.3%) Posted county price -- 30-day moving average

  7. Average Crop Revenue Election (ACRE) • ACRE is a revenue-based counter-cyclical payment program • Based on state and farm-level yields per planted acre and national prices • Producers choose between the current price-based counter-cyclical payment (CCP) program and ACRE • There are still some details to be worked out about ACRE (stay tuned)

  8. Payment Limitations Direct payments: $40,000 (w/o ACRE) $32,000 (w/ ACRE) Counter-cyclical payments: $65,000 ACRE: $73,000 ($65,000 + $8,000) Marketing loans: No limits Direct attribution of payments Elimination of the 3-entity rule

  9. Supplemental Revenue Assistance Payments Program (SURE) • Provides payments to producers in disaster counties for crop losses • Based on crop insurance program, non-insured crop assistance program, and disaster declarations • Whole-farm revenue protection, not commodity-specific

  10. Crop Insurance Changes Reduced premium subsidy rates for area crop insurance plans (GRP, GRIP) Increased premium subsidy rates for enterprise and whole-farm units Increased fees for catastrophic (CAT) coverage to $300 per crop per county Moved premium billing date to August 15th, starting in 2012 Required studies of organic production, energy crops, poultry, bees, and aquaculture

  11. Energy in the Farm Bill • Grants for advanced biofuel biorefineries, up to 30% of the cost of the project • Loans for the same, up to $250 million or 80% of the cost per project • Bioenergy Program for Advanced Biofuels • Biomass Crop Assistance Program • Cellulosic biofuel producer tax credit

  12. Nutrition Food Stamp funding approved through Sept. 2012 Renamed Supplemental Nutrition Assistance Program Increased funding for The Emergency Food Assistance Program (TEFAP) Continues fresh fruit and vegetable programs Sets up “Hunger-Free Community” and Emergency Food Infrastructure grants Awards to food-program service providers, local nonprofits, and food banks to assess community food issues and improve capacities for handling food products

  13. Conservation CRP limited to 32 million acres (starting 2010) WRP extended (3 million acres) EQIP funding increased CSP renamed and strengthened Targeted enrollment: 12.77 million acres per year

  14. Thank you for your time!Any questions?http://www.econ.iastate.edu/faculty/hart/

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