Date: February 10, 2006
Creator: Monke, Jim
Description: Commodity support provisions in the Farm Security and Rural Investment Act of 2002 (P.L. 107-171, the 2002 farm bill) include three primary types of payments: (1) annual direct payments unrelated to production or prices, (2) counter-cyclical payments which are triggered when prices are below statutorily-determined target prices, and (3) marketing assistance loans that offer interim financing and, if prices fall below statutorily-determined loan prices, additional income support. This report describes the payments for wheat, feed grains, cotton, rice, oilseeds, peanuts, wool, mohair, honey, and certain other small grains. These commodities have similar rules, and generally account for about two-thirds of USDA farm commodity program outlays.
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