The impending dairy cliff has consumers anticipating milk prices of seven dollars a gallon, and farmers left without a safety net. Luckily, farm state lawmakers have agreed to an extension of the current U.S. Farm Bill, which would provide an additional year of negotiating time for Congress if passed.

The compromise measure resulted from bipartisan discussions in the House of Representatives' Agriculture Committee and talks with colleagues in the U.S. Senate, Frank Lucas of Oklahoma, the House panel's chairman, said in a statement Sunday.

"It is not perfect - no compromise ever is - but it is my sincere hope that it will pass the House and Senate and be signed by the President by January 1," Lucas, a Republican, said.

Read More
Photo by Dave Young