"For years now, farmers and ranchers in South Dakota and across America have been telling Washington they need a new farm bill. Farmers have already seen prices drop every single year since the current farm bill was approved," Daschle said. "They're getting only a fraction of the prices they were receiving in 1996, and it will only get worse without this bill."

USDA warns that farm income could drop another 20 percent this year, and a recent study by the Bureau of Labor Statistics shows that farmers and ranchers are expected to lose 328,000 jobs over the next 10 years – more than any other sector of the U.S. economy.

"Farmers and ranchers in my state of South Dakota and all across the country have been waiting long enough for a new farm bill. Today's agreement on budget allocations in the Farm Bill puts us one step closer to enacting a bill that corrects the problems created by the so-called Freedom to Farm Act of 1996," Daschle said.

"While I wish this bill did more in the areas of conservation and nutrition, the levels of funding we agreed to today are much better than those in the House bill, and we can do even better if our colleagues in the House agree to cost-saving payment limitations," Daschle said. "We will continue to work with the House to come to an agreement on payment limitations."

The levels agreed to today by conferees represent a significant increase in funding for many key agricultural priorities when compared to the House-passed bill. This includes a doubling of funding for nutrition; 80% more for conservation; $46 billion for commodities, including a $2.6 billion cushion for potential use for commodities such as dairy, peanuts, and sugar; and $3.3 billion for the remaining titles, including rural development, trade, and research.

Now that the budget allocations have been addressed, Daschle believes that conferees can address important issues such as payment limitations, packer ownership of livestock and country-of-origin meat labeling.