The 2014 Farm Act, enacted in February 2014, is the basic legislation that governs the farm policy in the US from 2014 to 2018. The major components of the 2014 Farm Act are commodity programs, updated crop insurance options and the conservation programs of streamlines.
From the scope of agricultural commodities, major commodities are supported by multiple policy instruments. Sugar is mainly supported by a TRQ with “provisions for non-recourse loans and marketing allotments” (US Congress, 2014). Milk and dairy products are supported by tariffs and TRQs. However, they are not supported by minimum prices with government purchases anymore. Wheat, cotton, oilseeds, beef and several other commodities receive marketing loans and border measures,
From the scope of agricultural commodities, major commodities are supported by multiple policy instruments. Sugar is mainly supported by a TRQ with “provisions for non-recourse loans and marketing allotments” (US Congress, 2014). Milk and dairy products are supported by tariffs and TRQs. However, they are not supported by minimum prices with government purchases anymore. Wheat, cotton, oilseeds, beef and several other commodities receive marketing loans and border measures,