A new farm bill passed the U.S. Senate Tuesday by a vote of 87-13, which is a record number of farm bill votes. Several Republicans voted against the measure however.
Under the Senate plan, a farmer’s safety net is improved and growers would be allowed to switch between different type of coverage programs on an annual basis. The Price Loss Coverage (PLC) reference price is left at $3.70 a bushel for corn, $5.50 for wheat and $8.40 for soybeans but a multiplier is added in the event of stronger market conditions which could add as much as 15 percent.
Also, the Conservation Reserve Program (CRP) would be expanded and funding for the Environmental Quality Incentives Program (EQIP) would increase although spending on the Conservation Stewardship Program (CSP) would be cut.