March 27 - The U.S. Department of Agriculture has announced that no marketing quota will be in effect for the 2014 wheat crop, a declaration required by current circumstances.
The Food, Conservation and Energy Act of 2008 authorized commodity crop programs for the 2008 through 2012 crop years with the American Taxpayer Relief Act of 2012 providing a one-year temporary extension for the 2013 crop year. Unless superseded by new farm legislation, any actions taken by USDA pertaining to the 2014 wheat crop must be done in accordance with the Agricultural Adjustment Act of 1938, as amended, and the Agricultural Act of 1949, as amended. Those laws require, under certain market conditions, the imposition of quotas, acreage allotments, marketing certificates and parity price support programs for wheat.
Therefore, if a new farm bill is not written or the current law extended, the 1938 Act calls for a marketing quota for the 2014 wheat crop if the total supply of the crop is likely excessive without the quota, and requires the Secretary to decide not later than April 15, 2013, whether to impose it. Based on USDA projected supply and demand for the 2014 growing season, no quota is required.