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TeachMeFinance.com - explain Agricultural Act of 1956 Agricultural Act of 1956 The term 'Agricultural Act of 1956' as it applies to the area of agriculture can be defined as 'P.L. 84-540 (May 28, 1956) created the Soil Bank Program (Title I of was called the Soil Bank Act), addressedthe disposal of CCC inventories of surplus stocks, contained commodity support program provisions, and forestry provisions. The Soil Bank Act authorized short- and long-term removal of land from production with annual rental payments to participants (Acreage Reserve Program and Conservation Reserve Program, respectively). The Acreage Reserve Program, for wheat, corn, rice, cotton, peanuts, and several types of tobacco, allowed producers to retire land on an annual basis in crop years 1956 through 1959 in return for payments. The Conservation Reserve Program allowed producers to retire cropland under contracts of 3, 5, or 10 years in return for annual payments. The Soil Bank Act was repealed by Section 601 of the Food and Agriculture Act of 1965. The Conservation Reserve portion of the Soil Bank was a model for the subsequent Conservation Reserve Program (CRP), enacted in 1985'. Previous 5 Terms: Agreement State agrestic Agribusiness Agricultural Act of 1949 Agricultural Act of 1954 Next 5 Terms: Agricultural Act of 1970 Agricultural Adjustment Act (AAA) of 1933 Agricultural Adjustment Act Amendment of 1935 Agricultural Adjustment Act of 1938 Agricultural Attache, Counselor, or Trade Officer About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.