David Rogers reported yesterday at Politico that, “With time running out, House and Senate farm bill leaders were still acres apart Wednesday night after an exchange of offers that only highlighted their competing visions of how to reshape commodity subsidies.
“‘It’s a quagmire,’ Minnesota Rep. Collin Peterson, the ranking Democrat on the House Agriculture Committee told POLITICO. ‘We should have been working on this for the last three months, but we didn’t.’”
Mr. Rogers explained that, “The Senate bets $29 billion on a new ‘shallow loss’ revenue insurance option that is especially popular with corn and soybean producers in the Midwest given their economic success. The House bill devotes about $9 billion to a similar revenue option but spends closer to $16 billion on more traditional price protection coverage to protect against collapsing markets.
“In the latest exchange, the Senate gives some ground, by opening the door for the first time to include rice, peanuts and wheat in a new countercyclical program that will add about $2.6 billion to the Senate baseline for these crops. Rice is the biggest player, with about $1.3 billion; followed by wheat, $950 million; and peanuts at $375 million, according to people familiar with the talks.”