S.1721: A bill to amend the Farm Security and Rural Investment Act of 2002 to promote growth and opportunity for the dairy industry in the United States, and for other purposes.

A bill to amend the Farm Security and Rural Investment Act of 2002 to promote growth and opportunity for the dairy industry in the United States, and for other purposes. 6/27/2007--Introduced. Amends the Farm Security and Rural Investment Act of 2002 to repeal the dairy price support program. Amends the national dairy market loss payment program to: (1) extend the sign-up and contract duration periods; (2) replace the "Class 1 milk" definition with a "Class III milk" definition; (3) revise the payment formula (which shall include a feed adjustment factor); and (4) establish a maximum annual payment of $50,000 per dairy operation. Directs the Secretary of Agriculture to: (1) establish a national dairy options program; and (2) make nonrecourse loans available to commercial processors of cheddar cheese, butter, and nonfat dry milk. Amends the Federal Crop Insurance Act to direct the Commodity Credit Corporation to carry out a milk revenue [...]

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