1、Order Code RS21999Updated January 25, 2008Farm Commodity Programs and the 2007 Farm BillJim MonkeSpecialist in Agricultural PolicyResources, Science, and Industry DivisionSummaryThe farm commodity programs are the most visible part of the farm bill. Five crops(corn, wheat, cotton, rice, and soybeans
2、) account for over 90% of governmentcommodity payments to farmers. A new farm bill is necessary because the 2002 farmbill expires with the 2007 crop year and, without an update, an undesirable reversion topermanent laws would occur. The debate is whether to continue with the current system,or reduce
3、 subsidies in response to equity considerations, legal challenges frominternational trade agreements, federal spending constraints, and economic conditions.The Senate passed its version of the farm bill on December 14, 2007 (Senateamendment to H.R. 2419); the House passed its version, H.R. 2419, on
4、July 27, 2007.Both bills generally continue the current commodity support framework, add an optionalrevenue counter-cyclical payment (the Senate revenue option goes a step further tosupplant direct payments and marketing loans under that option), tighten the AGI limit,eliminate payment limits on mar
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