Earlier today the Senate passed their version of the farm bill with a vote of 64-35. The measure contained the STAX program the several cotton organizations had been pushing specifically for cotton. Passage came after two and a half days of debate over 73 amendments. Among those that paseed was an amendment that re-instated payment limits for LDP and Marketing Loan Gains. The limits contained in the amendment are $75,000 for an individual or $150,000 for a married couple. Another potentially damaging amendment that passed is a means test for crop insurance subsidies. Details on that amendment are sketchy at this time. At this point, most of the other amendments that may have hurt cotton, failed including one by Sen. Demint that could have crippled the Cotton Board and Cotton Inc.
The House is likely to begin markup on their version of a farm bill the week after the Fourth of July. We will post additional analysis of the Senate passed Farm Bill as they are made available.