Philip Brasher reported in yesterday’s Des Moines Register that, “The Senate Agriculture Committee approved a farm bill Thursday that offers growers a new subsidy program designed to protect farm revenue in an era of higher crop prices.
“The optional program is a top priority for Midwest corn growers, who stand to get little from traditional crop subsidies that pay farmers when commodity prices fall but not when crops fail. The ethanol boom has kept commodity prices well above subsidy levels.”
(The Associated Press reported yesterday that, “Agriculture futures mostly rose Friday on the Chicago Board of Trade, as corn and soybean prices advanced. [W]heat for December delivery dipped 2 cents to close at $8 a bushel; December corn rose 5.75 cents to $3.72 a bushel; January soybeans rose 0.75 cent to $10.1325 a bushel.”)