New insurance products for crops such as alfalfa will be developed under the farm bill passed today.
President Barack Obama signed the bipartisan, five-year farm bill today.
Coming in at just under $1 trillion, the Agriculture Act of 2014 cuts nearly $800 million from food stamps while also eliminating direct payments to farmers.
“With the president signing the Agricultural Act of 2014 into law, we mark a new era of farm and food policy that values saving money, reforming or repealing government programs, and yet still providing an effective safety net for the production of our national food supply and for those Americans who are struggling,” says Frank Lucas, (R-OK), chairman of the House Agriculture Committee. “
For hay and forage growers, the bill directs USDA to develop new insurance products for commodities such as alfalfa, a crop that is often overlooked after corn, soybeans and wheat.
The bill expands federal crop insurance, providing a larger safety net in case prices fall or crops fail.