U.S. Reps. Bob Goodlatte (R-Va.) and David Scott (D-Ga.) have offered an amendment to the House 2012 Farm Bill proposal that would cut the Dairy Market Stabilization Program (DMSP, often called the “supply management” program) portion from the dairy title. The amendment would offer a stand-alone margin insurance program which is similar – but not identical to – the Dairy Producer Margin Protection Program (DPMPP) of both the Senate and proposed House Farm Bill. The Goodlatte-Scott amendment would repeal the existing Dairy Product Price Support Program, Milk Income Loss Contract program and the Dairy Export Incentive Program. It would replace those programs with a single Margin Insurance Program (MIP). The design is similar to other versions of the DPMPP, but combines the proposed “basic” and “supplemental” components and establishes 80% as the maximum marketings coverage amount. (more) July 10, 2012 Dairy Profit Update