By a 58-40 vote, the Senate passed its farm bill on Wednesday. There are several major differences between the House and Senate bills, including commodity loan rates and payment limitations. It is expected that conferees will be named immediately, but the conference will take some time to complete.

The Democratic-drafted bill will boost subsides for grain and cotton growers, double conservation spending and adds new subsidies for milk, honey, wool and lentils.

The Senate approved an election-year expansion of farm programs Wednesday that would increase subsidies for grain and cotton growers and also double spending for conservation. The bill also contains new subsidies for commodities including milk, honey, wool and lentils.

The Democratic-crafted bill, which was approved 58-40, would authorize $45 billion in new spending over the next five years, a 27 percent increase over programs that expire this fall.

Unlike a House-passed version, the Senate legislation would impose a strict new limit of $275,000 on payments that any one farm could receive. Some subsidies are now essentially unlimited.

“With this bill, we have a chance to provide certainty to producers, fix our failed farm safety net and help address the challenges we face in rural America,” said Senate Democratic Leader Tom Daschle of South Dakota.

Republicans say the bill is too costly and certain to stimulate price-depressing crop surpluses because of its increases in subsidy rates. The legislation also could violate subsidy limits under an international trade agreement.