Jayne Sebright shared an update about the current Farm Bill and Dairy Margin Coverage (DMC) program.
Just before Thanksgiving and just in time, Congress passed a stop-gap funding bill that averted a government shutdown. That bill also included language to extend the current Farm Bill, which was established in 2018, until October 2024. With Farm Bill legislation set to renew every five years, House and Senate Agriculture Committee Chairs Glenn Thompson and Debbie Stabenow began negotiations to draft a new Farm Bill nearly a year ago. However, with upheaval in Congress and other issues taking precedence right now, it became clear earlier this fall that time was running out to get the new bill to the finish line before December 31 when the programs authorized under the Farm Bill would expire.
With the Farm Bill extension, Congress also extended the Dairy Margin Coverage safety net for 2024, incorporating the 2019 production history update, which was previously known as the Supplemental Dairy Margin Coverage, into the underlying DMC Program. Dairy farm families can expect DMC enrollment for the 2024 Program Year to open within the coming weeks. While DMC margins haven’t been projected yet for the coming year, the program has netted nearly $58,000 in indemnity payments for each one million pounds of milk covered during the five-year period from 2019 – 2023.
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