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These purchase prices are set high enough to enable dairy processors to pay farmers at least the support price for the milk they use in manufacturing these products. The 2002 farm bill (P.L. 107-171, Sec. 1501) mandated a support price of $9.90/ cwt , effective through December 31, 2007, when the program by law was scheduled to expire.
Out of these bills grew a system of government-controlled agricultural commodity prices and government supply control (farmers being paid to leave land unused). Supply control would continue to be used to decrease overproduction , leading to over 50,000,000 acres (200,000 km 2 ) to be set aside during times of low commodity prices (1955–1973 ...
In United States federal agricultural policy, the term commodity programs is usually meant to include the commodity price and income support programs administered by the Farm Service Agency and financed by the Commodity Credit Corporation (CCC). The commodities now receiving support are:
The Posted county price (PCP) is calculated for the so-called loan commodities (except for rice and cotton) for each county by the Farm Service Agency in the United States. The PCP reflects changes in prices in major terminal grain markets (of which there are 18 in the United States), corrected for the cost of transporting grain from the county ...
Subsequent such reports appeared irregularly, and evolved by the 1960s into commodity-oriented circulars published at regular intervals by USDA agencies. The first direct predecessor of the WASDE report was released on September 17, 1973, as the Agricultural Supply and Demand Estimates . [ 8 ]
By limiting supply, the Act explicitly sought to raise prices and reestablish the relative purchasing power of farmers that had prevailed from 1909 to 1914. [11] These efforts did raise prices; but by 1938 the farm commodity price ratio was still at only 77 percent of pre-war parity. In 1940, agricultural prices were only 65 percent of 1929 prices.
The U.S. Department of Agriculture and the U.S. Agency for International Development will distribute $1 billion in U.S. commodities to countries with high hunger rates, the agencies said on Thursday.
The Commodity Credit Corporation (CCC) is a wholly owned United States government corporation that was created in 1933 to "stabilize, support, and protect farm income and prices" (federally chartered by the CCC Charter Act of 1948 (P.L. 80-806)). The CCC is authorized to buy, sell, lend, make payments, and engage in other activities for the ...