Every five years, Congress reviews and renews the Farm Bill, which sets national policy regarding agriculture and food issues. President Trump signed the 2018 Farm Bill (Agriculture Improvement Act of 2018) into law on December 20, 2018. It succeeded the 2014 Farm Bill (Agricultural Act of 2014). Here are a few key takeaways from the new legislation:
- Extends programs that have provided a needed assurance of price and income protection, and allows producers to choose between the PLC and county ARC programs four times on a farm-by-farm and crop-by-crop basis.
- Raises the soybean marketing assistance loan rate to $6.20 from $5 per bushel.
- Increases the cap on the CRP to 27 from 24 million acres.