By Tyson Redpath, The Russell Group
A tentative agreement has been reached by the leadership of the House and Senate Agriculture Committees on a fresh rewrite of food and agriculture law in a new Farm Bill. Pending a new cost estimate from the Congressional Budget Office (CBO) and finalizing the legislative text of the agreement, the new Farm Bill could be approved by the House and Senate as soon as next week.
Final details aren’t yet available as legislative text encompassing the agreement is still being drafted. However, we believe key California Rice priorities in the Price Loss Coverage program and under the Environmental Quality Incentives Program will be reflected in the final legislation.
Media reports of the tentative agreement also indicate a new annual election for producers beginning with the 2021 crop allowing growers to select either ARC or PLC each year instead of being locked into one program for the duration of the new Farm Bill. Additionally, all growers will be able to update yields but not base acreage. And for ARC, trend adjusted yields will be used instead of just an Olympic average.