Senate Farm Bill Proposal: It will take time to analyze the 2012 Farm Bill proposal released late this afternoon but there are no initial surprises. Direct payments, countercyclical payments and Average Crop Revenue Election (ACRE) program are replaced with a crop revenue insurance program guaranteeing 89 percent of income. Key in the commodity area will be Brazil's reaction to the cotton proposal, which proposes a loan rate that moves between $0.47-0.52/pound depending on world prices. Dairy receives a production margin protection payment in lieu of the Milk Income Loss Contract (MILC) and conservation programs were consolidated, as widely expected. The draft bill lacks a title right now and will undergo amendments in committee next week...