Quality Loss Adjustment Improvement for Farmers Act

This bill requires the Federal Crop Insurance Corporation to conduct a review of quality loss adjustment procedures every five years starting in 2024, with input from diverse farmers and industry stakeholders for each crop. It mandates that the Corporation report findings and any changes to Congress, including details on stakeholder engagement. Specifically for soybeans, the bill requires establishing regional discount factors during disasters or salvage markets to adjust insurance payments based on local quality discounts in affected areas. These changes directly affect farmers receiving crop insurance payouts, particularly soybean growers in disaster-affected regions.