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2014 Farm Bill: Overview ABA National Agricultural Bankers Conference Omaha, Nebraska Nov. 10, 2014 2014 Farm Bill: Overview ABA National Agricultural Bankers Conference Omaha, Nebraska Nov. 10, 2014 Chad Hart Associate Professor/Crop Markets Specialist chart@iastate. edu 515 -294 -9911 Extension and Outreach/Department of Economics

Farm Bill Titles I. III. IV. V. Commodities Conservation Trade Nutrition Credit Futures VI. Farm Bill Titles I. III. IV. V. Commodities Conservation Trade Nutrition Credit Futures VI. Rural Development VII. Research VIII. Forestry Extension and Outreach/Department of Economics IX. Energy X. Hort. & Organic Ag. XI. Livestock XII. Crop Insurance XIII. Commodity XIV. Miscellaneous XV. Trade & Taxes

Farm Bill Projected Spending 2014 -2018 $489 Billion Extension and Outreach/Department of Economics Farm Bill Projected Spending 2014 -2018 $489 Billion Extension and Outreach/Department of Economics

Old vs. New Ø Direct Payments (DP) Ø Countercyclical Payments (CCP) Ø Marketing Loans Old vs. New Ø Direct Payments (DP) Ø Countercyclical Payments (CCP) Ø Marketing Loans (LDP) Ø Revenue Countercyclical Payments (ACRE) Ø Countercyclical Payments (PLC) Ø Marketing Loans (LDP) Ø Revenue Countercyclical Payments (ARC) New programs, but they have strong similarities to previous programs Extension and Outreach/Department of Economics

What Stayed the Same? Loan Rates ØSet by law ØCorn ØWheat ØSoybean ØSorghum ØBarley What Stayed the Same? Loan Rates ØSet by law ØCorn ØWheat ØSoybean ØSorghum ØBarley ØOats Extension and Outreach/Department of Economics $1. 95 $2. 94 $5. 00 $1. 95 $1. 39

Livestock Ø Livestock Indemnity Program (LIP) • Compensates for mortality loss Ø Livestock Forage Livestock Ø Livestock Indemnity Program (LIP) • Compensates for mortality loss Ø Livestock Forage Disaster Program (LFP) • Compensates for grazing losses due to drought or fire Ø Emergency Assistance for Livestock, Honeybees, and Farm-Raised Catfish (ELAP) • Compensates for disaster losses not covered elsewhere Extension and Outreach/Department of Economics

Dairy Source: futurefordairy. com Extension and Outreach/Department of Economics Dairy Source: futurefordairy. com Extension and Outreach/Department of Economics

Conservation Ø Conservation Reserve Program → 27. 5 million acres in 2014 → 26 Conservation Ø Conservation Reserve Program → 27. 5 million acres in 2014 → 26 million acres in 2015 → 25 million acres in 2016 → 24 million acres in 2017 and 2018 → Grassland enrollment capped at 2 million acres Ø Links conservation compliance to crop insurance premium subsidies Extension and Outreach/Department of Economics

Commodity Program Decisions for each FSA farm: 1. Programs yields (current or updated) 2. Commodity Program Decisions for each FSA farm: 1. Programs yields (current or updated) 2. Base acres (retained or reallocated) 3. For each FSA farm/crop, which program will be used to make payments: – Price Loss Coverage (PLC) – Agriculture Risk Coverage – County level (ARC – County) – Agriculture Risk Coverage – Individual level (ARC – Individual) * ARC-Individual applies to all crops and all farms in a state * SCO not available with ARC Timeframe: Decisions 1 and 2: Now to February 28 Decision 3: November 17 to March 31 Extension and Outreach/Department of Economics

Base Acres Ø Keep current base acres or do a one-time “reallocation” of base Base Acres Ø Keep current base acres or do a one-time “reallocation” of base acres Ø Reallocation allowed to covered commodities planted between 2009 and 2012 Ø Reallocation in proportion to the ratio of 4 -yr average plantings/prevented plantings Ø Total number of base acres limited to total of existing base acres Extension and Outreach/Department of Economics

Payment Yields Ø Keep current CCP payment yield or do a one-time “update” of Payment Yields Ø Keep current CCP payment yield or do a one-time “update” of payment yield on a commodity-by-commodity basis Ø Update: 90% of 2008 -2012 yield per planted acre on the farm Ø If the farm yield is below 75% of the 20082012 average county yield, then the farm yield is replaced by 75% of the 2008 -2012 average county yield Extension and Outreach/Department of Economics

Online Farm Bill Analysis fsa. usapas. com Extension and Outreach/Department of Economics usda. afpc. Online Farm Bill Analysis fsa. usapas. com Extension and Outreach/Department of Economics usda. afpc. tamu. edu

Thank you for your time! My web site: http: //www. econ. iastate. edu/~chart/ Iowa Thank you for your time! 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/ Extension and Outreach/Department of Economics