USDA projects net farm income to fall in 2014
Adoption of the Agricultural Act of 2014, the farm bill, will bring significant changes to government payments to farmers in 2014. Specifically, elimination of the direct payment program and uncertainty related to sign-up and payments for new commodity programs during calendar year 2014, led USDA to project government payments to total $6.12 billion in 2014, a 45 percent decline compared to 2013.
Also included in the farm bill were disaster assistance programs for livestock producers, which lapsed in 2012 but were made retroactive in the newly passed bill. Livestock producers are eligible for payments under the Livestock Forage Program and Livestock Indemnity Program, and payments under the two programs are expected to be $810 million in 2014 for covering losses from multiple years.
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