Perspectives On Impacts Of The 2002 U.S. Farm Act
The Farm Security and Rural Investment Act of 2002 (2002 Farm Act) was enacted in the United States in May of 2002. While this new farm law introduced some new policies to the array of agricultural commodity programs, in many ways the 2002 farm act extended provisions of the 1996 farm act and institutionalized provisions of ad hoc emergency spending bills of 1998-2001. Three key commodity program features of the 2002 farm act are marketing assistance loans, counter-cyclical payments, and direct payments. Marketing assistance loans existed under previous U.S. farm law, direct payments replaced production flexibility contract payments of the 1996 farm act, and counter-cyclical payments are intended to institutionalize the market loss assistance payments of the past several years. This paper discusses these U.S. farm programs and some of their potential impacts on agricultural markets. An overview of these programs features is first presented, along with an illustration of a con farm's sources of revenues under the new farm act. Then a discussion of some of the impacts of the 2002 farm act is given, commenting on the FAPRI analysis presented by John Kruse. Additional potential impacts of marketing loan provisions of the new law are then discussed, followed by some general comments on potential impacts of counter-cyclical payments, direct payments, and selected additional provisions of the legislation.
|Date of creation:||2003|
|Date of revision:|
|Contact details of provider:|| Postal: 1211 West 22nd St., Suite 216, Oak Brook, IL 60523-2197|
Phone: (630) 571-9393
Fax: (630) 571-9580
Web page: http://www.farmfoundation.org/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Westcott, Paul C. & Price, J. Michael, 2001. "Analysis Of The U.S. Commodity Loan Program With Marketing Loan Provisions," Agricultural Economics Reports 34035, United States Department of Agriculture, Economic Research Service.
When requesting a correction, please mention this item's handle: RePEc:ags:ffaf03:16816. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (AgEcon Search)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.