(a) Dairy margin coverage production history.—
(1) DEFINITION.—Section 1401(8) of the Agricultural Act of 2014 (7 U.S.C. 9051(8)) is amended by striking “when the participating dairy operation first registers to participate in dairy margin coverage”.
(2) PRODUCTION HISTORY OF PARTICIPATING DAIRY OPERATIONS.—Section 1405 of the Agricultural Act of 2014 (7 U.S.C. 9055) is amended by striking subsections (a) and (b) and inserting the following:
“(a) Production history.—Except as provided in subsection (b), the production history of a dairy operation for dairy margin coverage is equal to the highest annual milk marketings of the participating dairy operation during any 1 of the 2021, 2022, or 2023 calendar years.
“(b) Election by new dairy operations.—In the case of a participating dairy operation that has been in operation for less than a year, the participating dairy operation shall elect 1 of the following methods for the Secretary to determine the production history of the participating dairy operation:
“(1) The volume of the actual milk marketings for the months the participating dairy operation has been in operation extrapolated to a yearly amount.
“(2) An estimate of the actual milk marketings of the participating dairy operation based on the herd size of the participating dairy operation relative to the national rolling herd average data published by the Secretary.”.
(b) Dairy margin coverage payments.—Section 1406(a)(1)(C) of the Agricultural Act of 2014 (7 U.S.C. 9056(a)(1)(C)) is amended by striking “5,000,000” each place it appears and inserting “6,000,000”.
(c) Premiums for dairy margins.—
(1) TIER I.—Section 1407(b) of the Agricultural Act of 2014 (7 U.S.C. 9057(b)) is amended—
(A) in the subsection heading, by striking “5,000,000” and inserting “6,000,000”; and
(B) in paragraph (1), by striking “5,000,000” and inserting “6,000,000”.
(2) TIER II.—Section 1407(c) of the Agricultural Act of 2014 (7 U.S.C. 9057(c)) is amended—
(A) in the subsection heading, by striking “5,000,000” and inserting “6,000,000”; and
(B) in paragraph (1), by striking “5,000,000” and inserting “6,000,000”.
(3) PREMIUM DISCOUNTS.—Section 1407(g) of the Agricultural Act of 2014 (7 U.S.C. 9057(g)) is amended—
(A) in paragraph (1)—
(i) by striking “2019 through 2023” and inserting “2026 through 2031”; and
(ii) by striking “January 2019” and inserting “January 2026”; and
(B) in paragraph (2), by striking “2023” each place it appears and inserting “2031”.
(d) Duration.—Section 1409 of the Agricultural Act of 2014 (7 U.S.C. 9059) is amended by striking “2025” and inserting “2031”.