By Bobby Coats, Professor of Economics, Agricultural Economist
Key rice provisions courtesy of the USA Rice Federation’s Jamison A. Cruce, Manager, Government Affairs follows:
- Maintenance and Enhancement of the Price Loss Coverage Program
- Reference Price: $14/cwt. for long- and medium-grain with an increase to Temperate Japonica’s reference price (124% of $14/cwt.)
- Payment Yield: One-time, voluntary update to payment yields that would go into effect for the 2020 crop year
- Actively Engaged Rules: Expands the definition of “family” to include nephews, nieces, and first cousins
- Sequestration: Applies sequestration cuts before applying the payment limitation, allowing for a true payment limit of $125,000 per individual or $250,000 per couple
- Increase to Loan Rates
- Loan Rate for long- and medium-grain rice increased from $6.50 to $7.00 per cwt.
- Maintenance and Enhancement of Conservation Programs
- Reauthorizes the Conservation Stewardship Program (CSP)
- Increases funding for the Environmental Quality Incentives Program (EQIP)
- Funds the Regional Conservation Partnership Program (RCPP) at $300 million per year and provides greater program flexibility
- Continuation of Trade Promotion Programs/Food Aid
- Agricultural Trade Promotion and Facilitation Program: Under this umbrella, the Market Access Program (MAP) and Foreign Market Development (FMD) Program are guaranteed annual mandatory funding of no less than $200 million and $34.5 million, respectively.
- Food Aid: Generally maintains in-kind U.S. agricultural commodity donations under Food for Peace, Food for Progress, and McGovern-Dole.
Highlights of the 2018 Farm Bill
