The Illinois Soybean Association (ISA) today thanked President Barack Obama for signing the Farm Bill. ISA Vice Chairman Mike Marron says:
“Illinois soybean farmers are pleased that President Obama quickly signed the Agricultural Act 2014, after it passed in both the House and the Senate. The bill gives soybean farmers the certainty they need heading into spring planting.”
“While this has been a trying process, we believe Congress produced a framework that will serve the best interests of Illinois soybean farmers, especially now that the President has signed the bill. We thank Illinois lawmakers, including Senator Richard Durbin and Representatives Rodney Davis, Cheri Bustos and William Enyart who worked on this legislation.”
The bill includes a flexible farm safety net that includes a choice between price-based and revenue-based risk management tools. ISA supported the revenue program that covers both price and yield losses with county and farm level options, and a price support program which allows the optional purchase of insurance coverage under a Supplemental Coverage Option (SCO).
The bill also eliminates direct payments while maintaining decoupled farm support programs that will minimize the possibility of planting and production distortions that could trigger new global challenges.
The bill continues the combined authorization of agriculture and nutrition programs, a link that has been essential in enacting every farm bill since 1974. With $23 billion in savings during the next 10 years, agriculture is the only sector that has contributed to deficit reduction in the 113th Congress.