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Summary of U.S. House of Representatives Agriculture Committee Farm Bill Provisions

Farm Business Management Update, August 2001

By Jim Pease

On July 27, the Agriculture Committee of the U.S. House of Representatives passed the "Agricultural Act of 2001," H.R. 2646. Key points of the bill are

Loan Rates, Fixed Decoupled Payment Rates and Target Prices
Crop Unit Loan Rates ($/unit) Fixed Rates ($/unit) Target Prices ($/unit)
Wheat Bu. 2.58 0.53 4.04
Corn " 1.89 0.30 2.78
Sorghum " 1.89 0.36 2.64
Barley " 1.65# 0.25 2.39
Oats " 1.21# 0.025 1.47
Upland Cotton Lb. 0.5192 .0667 .736
Soybeans Bu. 4.92 0.42 5.86
Minor Oilseeds Lb. 0.087 .0074 .1036
#Set by formula relative to the feed value of corn

Other key provisions include

The Bill is almost certain to pass the House. It is unclear when the Senate will take up a Farm Bill, and how much provisions of the House Bill will be altered. It is still unlikely that a Farm Bill will be on President Bush's desk before New Year's.

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