Greg Mankiw offers at least five good reasons to scrap the new farm bill, any one of which, in a better world, would be a killing blow. And that doesn't include the issue of killing it on general principals, just because it's market-distorting, vote-pandering behemoth whose only purpose is to gobble up money from tax payers in order to cement the power of largely-corrupt incumbents. (How do I know they're corrupt? Because, among other crimes, they voted for this monstrosity. QED.)
Unfortunately it is not a better world. Robert Novak provides the grisly, back-of-the-sausage-factory details as to how we got into this mess and why we're stuck with it.
ND Alum David Freddoso nails it as well, explaining how Uncle Sam is now taking the ingenious strategy of buying sugar high and selling it low. How can this work? It doesn't, unless you are a sugar or ethanol producer, or a congressman. Oh, you're none of those? Then Congress is f**king you. Freddoso also expounds on farm bills as prime examples of a government "solution" to a problem that is the direct result of a previous government "solution" to a previous problem, which was also caused by the government.
Addendum: I just saw the actual prices that congress, in its infinite wisdom, has committed to pay for sugar. Buying price for the US Government: 23 cents per pound. Selling price: 2 cents. Genius! I suppose I should be happy. After all, everyone has a share.