AGEC 4703 Lesson 5b Larry D. Sanders Fall 2005

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Presentation transcript:

AGEC 4703 Lesson 5b Larry D. Sanders Fall 2005 THE 1996 FARM ACT AGEC 4703 Lesson 5b Larry D. Sanders Fall 2005

Federal Agriculture Improvement & Reform Act (FAIR) of 1996 7-years (1996-2002) Phasedown govt. support w/fixed payments Eliminates Target Prices & Deficiency Payments Acreage Reduction Program Mandatory Crop Insurance Establishes Market Transition Payments

FAIR (cont.) Increases Planting Flex Phasedown milk support price to $9.90 in 1999; replace w/recourse loan in 2000 Cap CRP at 36.4 mil.ac.; EQIP, other programs approved Fund for Rural America Food Stamp/Nutrition reauthorized for 2 yrs

FAIR: Commodity Provisions Increases Planting Flex Planting of any crop on “contract “ acres except fruits & vegetables (mung beans, lentils, dry beans are ok) Haying & Grazing permitted, including alfalfa Conservation compliance required Establishes Market Transition Payments Retains marketing loan Reduce payment limit to $40,000

FAIR: Peanut Provisions Price Support: Quota $610/ton Additional $132/ton National Quota Level: 1.35 mil. tons minimum eliminated 1996 Crop level--1.1 mil. tons Eliminates Undermarketings Transfer of Quota, Sale, Lease Authority Expanded Transfer across county lines grows from 15% (‘96) to 40% (‘00)

FAIR: Rural Development Fund for Rural America ($300 mil.) Financial Assistance for Telemedicine & Distance Learning Water/Waste Facility Loans/Grants Community Advancement & Leadership Program Established

FAIR: Environmental Provisions Conservation Reserve Program (CRP) maintained at 36.4 mil. ac. New enrollments permitted with rental rates at fair market value Early Out permitted w/restrictions Wetlands Reserve Program (WRP) capped at 975,000 ac. New Enrollments: 1/3 Permanent Easements 1/3 30-year/less Easements 1/3 Wetland Restoration w/cost-share

FAIR: Environmental Provisions Environmental Quality Incentive Program (EQIP) Cost share, Incentive payments & technical assistance; 5-10 yr. plan Moderate/small livestock producers ($100 mil.) Combines ACP, GPCP, WQIP, Colorado Salinity Program ($100 mil.)

FAIR: Environmental Provisions Conservation Farm Option (CFO) Pilot Program for producers w/PFCs Develop & implement 10-15 yr. plan In exchange for CFO payments, producers forego participation in/payments under CRP, WRP, EQIP Payment equivalent to foregone payment plus PFC payment

FAIR: Cotton Provisions Loan Rates: Minimum $0.50; Maximum $0.5192 May repay at: smaller of established loan rate plus interest, or prevailing world price, adjusted to US quality/location 10-mo. loans Recourse loans for seed cotton

OKLAHOMA IMPACTS--Projected TOTAL NET FARM INCOME ($ million) 1017 948 901 906 739 ACTUAL: 96: $558 97: $943 98:$767 99: $1108 00: $1145

OKLAHOMA IMPACTS--Projected AVERAGE LAND VALUE ($/ag ac)

Federal Direct Government Outlays, 1992-2011f ($bil) $ billion

SUMMARY 7 yrs. to efficency for Crop Producers? 2002: No 4 yrs. for Dairy Producers? 2002: No; on hold Near total flexibility 2002: Yes; very popular More volatility in Feed Price & Supply 2002: Yes Continued support for export markets 2002: Yes, but questionable support SUMMARY