WASHINGTON (Reuters) – The Senate approved sweeping new U.S. farm legislation on Thursday that would cut almost all traditional farm subsidies while expanding a costly crop insurance program, but odds are slim the bill will pass this year. Passed by an 2-1 margin, the Senate’s $ 498 billion five-year farm bill would compensate growers when revenue from a crop falls, rather than prop up prices. The bill saves at least $ 23 billion by cutting crop subsidies, conservation funding and food stamps for the poor. Crop subsidies provide the bulk of the savings. “This is about reform. …
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