Summary

Raises the statutory “reference price” levels for several covered farm commodities in the 2014 farm bill, which are used to trigger Price Loss Coverage (PLC) payments when market prices fall. Five commodities receive higher reference prices, and one listed entry is set at $0.00 per bushel. These changes would make PLC payments more likely and potentially larger for the affected crops with increased reference prices, while a $0.00 figure would effectively eliminate PLC support for that specific commodity. Farmers producing the listed commodities and federal program outlays would be most affected.

Key Points

• Raises reference prices for five covered commodities under the farm safety net
• One commodity is listed at a $0.00 per bushel reference price
• Higher benchmarks increase the likelihood and size of PLC payments when prices fall
• No new taxes or appropriations; changes apply within existing farm programs
• Impacts federal outlays for commodity programs and payment distribution across crops/regions
• Most directly affects farmers and producers of the specified commodities
• Could influence planting and risk management decisions at the margin
• Effective timing/crop years are not specified in the provided text