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Whole-Farm Revenue Insurance For Crop And Livestock Producers, Bruce A. Babcock, Dermot J. Hayes 2016 Iowa State University

Whole-Farm Revenue Insurance For Crop And Livestock Producers, Bruce A. Babcock, Dermot J. Hayes

Bruce Babcock

The collapse in hog prices in the fall of 1998 has renewed interest in using insurance as a means of providing an affordable safety net to U.S. farmers. One option that has received attention is to expand the U.S. Department of Agriculture’s crop insurance program to include livestock producers. Because the ongoing financial crisis in the hog sector was not caused by production or disease problems, it is apparent that producers could have benefited from either price insurance or revenue insurance.


Whither Farm Policy?, Bruce A. Babcock 2016 Iowa State University

Whither Farm Policy?, Bruce A. Babcock

Bruce Babcock

As the U.S. Congress prepares to pump at least $8.7 billion in supplemental aid to farmers (on top of the $10.5 billion that has already been earmarked), many people—both in and out of agriculture—are openly wondering if there isn’t a better way to run farm programs. To many, it seems that we have no coherent farm policy in the sense that tax dollars are being committed with no clear objective in mind. After two straight years of supplemental appropriations, it is clear that the current farm program (the FAIR Act of 1996, commonly known ...


Whither Farm Policy?, Bruce A. Babcock 2016 Iowa State University

Whither Farm Policy?, Bruce A. Babcock

Bruce Babcock

Under conditions that saw farm policy come under increasing criticism in the fall of 1999, this paper asks readers to take a closer look at what farm policy should accomplish. Babcock describes the various interest groups calling for farm policy reform, reviews three reasons for implementing farm policy, recounts the history and programs of the FAIR (Freedom to Farm) Act, and proposes policy alternatives that would allow for the agriculture industry to be flexible and competitive.


The New Acre Program: Frequently Asked Questions, Bruce A. Babcock, Chad E. Hart 2016 Iowa State University

The New Acre Program: Frequently Asked Questions, Bruce A. Babcock, Chad E. Hart

Bruce Babcock

ACRE, which is an acronym for Average Crop Revenue Election, is a new commodity program included in the Food, Conservation and Energy Act of 2008 (the 2008 farm bill). Farmers can choose to participate in ACRE or they can continue to enroll in traditional commodity programs. ACRE is designed to provide revenue support to farmers as an alternative to the price support that farmers are used to receiving from commodity programs. Here, we answer some frequently asked questions about this new program.


Risk-Free Farming?, Bruce A. Babcock, Chad E. Hart 2016 Iowa State University

Risk-Free Farming?, Bruce A. Babcock, Chad E. Hart

Bruce Babcock

The direction of U.S. farm policy changed with the passage of the 2002 farm bill and the 2000 Agricultural Risk Protection Act. Previous farm bills, together with the old crop insurance program, had gradually moved the crops sector toward greater market orientation, with farmers taking on more market risk in exchange for greater planting flexibility. But the beginning of this decade brought with it increased protection against both adverse price movements and crop losses. These policy changes were brought about largely at the behest of farm commodity organizations, who argued that they needed increased protection against the vagaries of ...


Local And Global Perspectives On The New U.S. Farm Policy, Bruce A. Babcock 2016 Iowa State University

Local And Global Perspectives On The New U.S. Farm Policy, Bruce A. Babcock

Bruce Babcock

The new farm bill and the Agricultural Risk Protection Act (ARPA) provide us with good insight into Congress’s farm policy objectives. When all was said and done, Congress felt no need to justify the billions in farm aid as fulfilling some broad public purpose. Rather, the actions of Congress have revealed a simple objective: to support per-acre revenues of a chosen few commodities—corn, cotton, wheat, rice, peanuts, soybeans (and minor oilseeds), barley, oats, and sugar. Heavily subsidized crop insurance protects farmers against per-acre yield (and revenue) shortfalls, and the combination of the new countercyclical payment program and the ...


Living With Hogs In Rural Iowa, Bruce A. Babcock, Joseph A. Herriges Sr., Sylvia Secchi 2016 Iowa State University

Living With Hogs In Rural Iowa, Bruce A. Babcock, Joseph A. Herriges Sr., Sylvia Secchi

Bruce Babcock

Approximately 65,000 farmers raised hogs in Iowa in 1980 with an average of 200 hogs residing on each farm. In 2002, the number of farms with hogs had fallen to about 10,000, and the average number of hogs per farm had risen to over 1,400. In the not-so-distant past, the presence of livestock on farms was the social norm. When living or traveling in rural areas, you would expect to smell the smells, hear the noises, and see the sights that accompany such operations. Rural neighbors registered few complaints when nearly everyone had livestock. But the dramatic ...


Production, Consumption, And Labor Supply Decisions Of Farm Households: A Review Of The Evidence For North America, Wallace E. Huffman 2016 Iowa State University

Production, Consumption, And Labor Supply Decisions Of Farm Households: A Review Of The Evidence For North America, Wallace E. Huffman

Wallace Huffman

Agriculture in North America is. highly integrated with the other sectors of the economy through markets for farm inputs,' farm products, consumer goods, and labor; During the early 1950s, and to a-iesser-extent during the early 1980s, farm households incomes were depressed-relative to nonfarm household incomes. The reasons"were primarily that the-'supply curve for agricultural products had been shifting faster due to rapid technical change than the demand curve-arid real wage rates-had been rising"in the nonfarm sector, especially during the 1940s and 1950s. For labor to be fully enqjloyed and farm labor; to earn its opportunity return compared to ...


The Budgetary And Resource Allocation Effects Of Revenue Assurance: Summary Of Results, Dermot J. Hayes, Bruce A. Babcock, David A. Hennessy 2016 Iowa State University

The Budgetary And Resource Allocation Effects Of Revenue Assurance: Summary Of Results, Dermot J. Hayes, Bruce A. Babcock, David A. Hennessy

David Hennessy

One of the more intriguing alternatives under consideration for the 1995 farm bill is the "Iowa Plan.'' This idea originated with a group oflowa's farm and commodity organizations.


U.S. Farm Policy And The Wto, Chad E. Hart, Bruce A. Babcock 2016 Iowa State University

U.S. Farm Policy And The Wto, Chad E. Hart, Bruce A. Babcock

Chad Hart

How is your proposal WTO-compliant? This is a question that farm groups must be prepared to answer when they travel to Washington looking for increased subsidies. That an international trade agreement should be playing such a prominent role in shaping U.S. farm programs may be surprising. But this prominence is likely to continue as long as the United States remains committed to expanding world trade through negotiated agreements.


Weak Spots In The Agricultural Safety Net, Chad E. Hart 2016 Iowa State University

Weak Spots In The Agricultural Safety Net, Chad E. Hart

Chad Hart

Congress added new programs under the 2002 farm bill to expand the safety net for agricultural producers. Countercyclical payments and marketing loan benefits compensate for low prices. Crop insurance and non-insured crop disaster assistance programs reduce risks from low yields. Direct payments provide income support. But the call for additional support to cover pricing and production emergencies has not subsided. Why?


The New Acre Program: Frequently Asked Questions, Bruce A. Babcock, Chad E. Hart 2016 Iowa State University

The New Acre Program: Frequently Asked Questions, Bruce A. Babcock, Chad E. Hart

Chad Hart

ACRE, which is an acronym for Average Crop Revenue Election, is a new commodity program included in the Food, Conservation and Energy Act of 2008 (the 2008 farm bill). Farmers can choose to participate in ACRE or they can continue to enroll in traditional commodity programs. ACRE is designed to provide revenue support to farmers as an alternative to the price support that farmers are used to receiving from commodity programs. Here, we answer some frequently asked questions about this new program.


The Safety Net Of Farming: An Introduction And Literature Review Of Agricultural Insurance And Other Stabilization Policies And Proposals, Chad E. Hart, Darnell B. Smith 2016 Iowa State University

The Safety Net Of Farming: An Introduction And Literature Review Of Agricultural Insurance And Other Stabilization Policies And Proposals, Chad E. Hart, Darnell B. Smith

Chad Hart

With the pending debate on the 1995 Farm Bill, crop insurance and disaster assistance have become major topics for discussion. This paper explores the performance of the current MPCI program and presents alternative programs. The need for a unified approach to ease the problem of agricultural instability is addressed.


Payment Limitations And U.S. Farm Policy, Bruce A. Babcock, Chad E. Hart 2016 Iowa State University

Payment Limitations And U.S. Farm Policy, Bruce A. Babcock, Chad E. Hart

Chad Hart

To an industry lobbyist, the role of government is to adopt programs and regulations that increase profits for the firms in the industry. Steel and timber lobbyists argue for higher taxes on imports; lobbyists for power generators argue for lower air quality standards; and farm lobbyists argue for higher support prices and stronger protection from imports. When government responds to lobbying pressure and adopts a new program or regulation, all firms in the industry typically have access to the benefits. And because the benefits often are in proportion to the level of production, the largest firms obtain the greatest benefit ...


Risk-Free Farming?, Bruce A. Babcock, Chad E. Hart 2016 Iowa State University

Risk-Free Farming?, Bruce A. Babcock, Chad E. Hart

Chad Hart

The direction of U.S. farm policy changed with the passage of the 2002 farm bill and the 2000 Agricultural Risk Protection Act. Previous farm bills, together with the old crop insurance program, had gradually moved the crops sector toward greater market orientation, with farmers taking on more market risk in exchange for greater planting flexibility. But the beginning of this decade brought with it increased protection against both adverse price movements and crop losses. These policy changes were brought about largely at the behest of farm commodity organizations, who argued that they needed increased protection against the vagaries of ...


Judging The Performance Of The 2002 Farm Bill, Bruce A. Babcock, Chad E. Hart 2016 Iowa State University

Judging The Performance Of The 2002 Farm Bill, Bruce A. Babcock, Chad E. Hart

Chad Hart

The 2002 farm bill has been criticized from day one. Freetrade advocates criticized the significant increase in domestic subsidies for U.S. farmers at a time when the rest of the world was seemingly moving toward more liberalized production and trade. Small-farm advocates criticized the ability of large farms to bypass payment limitations through the use of commodity certificates. Conservation advocates thought they had accomplished a major feat with the Conservation Security Program, but implementation rules and subsequent funding cuts have shown that the program will have little short-term impact. And rural development advocates criticized the bill for its continued ...


Effects Of Adding A Target Revenue Program And Soybean Fixed Decoupled Payments To Current Farm Programs, Chad E. Hart, Bruce A. Babcock 2016 Iowa State University

Effects Of Adding A Target Revenue Program And Soybean Fixed Decoupled Payments To Current Farm Programs, Chad E. Hart, Bruce A. Babcock

Chad Hart

This paper provides a one-year forward-looking analysis of a revenue countercyclical farm program. The basis for the revenue countercyclical farm program originates from the National Corn Growers Association's (NCGA) farm bill proposal. We explore several options under this program. The options consist of various crop loan rate levels for corn and soybeans. The amount and distribution of payments to producers under the various NCGA options and the Agricultural Act of 2001 (House Resolution 2646) are examined and compared against expected payments under the current array of farm programs.


Analysis Of The Berlin Accord Reforms Of The European Union's Common Agricultural Policy, Bruce A. Babcock, John C. Beghin, Samarendu Mohanty, Frank H. Fuller, Jacinto F. Fabiosa, Sudhir Chaudhary, Phillip Kaus, Cheng Fang, Chad E. Hart, Karen P. Kovarik 2016 Iowa State University

Analysis Of The Berlin Accord Reforms Of The European Union's Common Agricultural Policy, Bruce A. Babcock, John C. Beghin, Samarendu Mohanty, Frank H. Fuller, Jacinto F. Fabiosa, Sudhir Chaudhary, Phillip Kaus, Cheng Fang, Chad E. Hart, Karen P. Kovarik

Chad Hart

This paper briefly summarizes the impacts of the European Union's Common Agricultural Policy (CAP) reforms on the European agricultural sector and on international agricultural trade. Objectives of the CAP reform (as stated in EU Commission documents) are to ensure the environmental viability of European agriculture and to protect the livelihood of European farmers. An extensive Appendix provides data on the impact of Agenda 2000 on various commodities.


A Review Of New Revenue Insurance Products, Chad E. Hart, Darnell B. Smith 2016 Iowa State University

A Review Of New Revenue Insurance Products, Chad E. Hart, Darnell B. Smith

Chad Hart

The Federal Crop Insurance Reform Act of 1994 legislated several significant reforms in federally subsidized crop insurance.


Nafta: Implications For Mexican And Midwestern Agriculture, John C. Beghin 2016 Iowa State University

Nafta: Implications For Mexican And Midwestern Agriculture, John C. Beghin

John Beghin

The North American Free Trade Agreement (NAFTA) is a success story of economic integration between Mexico, the United States, and Canada. Economic integration was on its way before the Agreement, but it received a significant boost when NAFTA went into effect in 1994. Relative to the rest of the world, merchandise trade among the three countries has intensified and is growing at a rate of about 10 to 12 percent a year. With respect to agriculture, Mexico exports fruits and vegetables, coffee, live cattle, and textiles, among other things, to the United States. The United States exports grains and feed ...


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