As expected, "The proposal would end the $5 billion-a-year direct payment subsidy," Abbott reports. "It would endorse a revenue-assistance program to shield growers from 'shallow losses' from poor yields or low market prices as the new basis for the U.S. farm program." In other words, a new system of crop insurance. (Read more)
DTN Executive Editor Marcia Zarley Taylor writes, “Since the 1980s, farm safety nets have largely focused on protecting farmers from low prices, not necessarily low incomes. Now a revolutionary consensus among farm groups means that a crop insurance program is emerging as the core replacement for decades of cumbersome programs involving price supports, direct payments and target prices." (Read more, subscription required) Thanks and a hat tip to Keith Good of FarmPolicy.com.