The Senate Agriculture Committee yesterday completed the 2012 Farm Bill markup in one session. The Commodity Title is based on the same outline we reported on 20 April. It eliminates direct payments, countercyclical payments and the ACRE program, and replaces it with a new Ag Risk Coverage (ARC) program. ARC:

Is based on county averages; Covers wheat, corn, grain sorghum, barley, oats, long grain rice, medium grain rice, pulse crops, soybeans, other oilseeds and peanuts; Is based on total acres that are planted or prevented from planting, not to exceed total acres planted in the 2009-12 crop years adjusted for land coming out of the Conservation Reserve Program (CRP); Requires a one-time election for enrollment; and, Makes payment...