The Farm Bill is a pentannual (I think that's a word) piece of legislation that deals with pretty much everything related to growing crops: pest control, subsidies, ethanol, food stamps, etc. The current status is that the bill is basically dead because the U.S. Senate voted to cut off debate on the Farm Bill five days ago. Wong's article gives a good recap of how we got to where are today, and says that with the current bill dead, it's looking like there might be a one-year or maybe two-year extension added to the current bill to give lawmakers more time to hem and haw.
The U.S. government's website about the bill is here. The Wikipedia hive mind version is here.