Offices running the farm program would be closed, which probably would mean that Trump tariff payments would be delayed until the government opened again.
The bill would increase marketing loan rates and includes an escalator for PLC reference prices if commodity prices rise in the coming years.
The House could vote as early as Wednesday to send the bill to President Trump.
After months as an ideological flashpoint, a toned-down farm bill is on track for bipartisan passage in Congress this week, shorn of a proposal for stricter SNAP work requirements.
China, formerly the No. 1 customer for U.S. ag exports, will buy a comparatively paltry $9 billion worth of those exports this fiscal year, a startling 45% cutback due to the trade war.
“It seems to be the most status quo farm bill that I can recall,” said former USDA chief economist Joe Glauber.
President Trump and Senate Majority Leader Mitch McConnell discussed the bill among must-do legislation on Thursday for action in the brief congressional postelection session.
Grassley would become Finance chairman officially in January when Senate Republicans make committee assignments.
Backed by President Trump, House Republicans pushed for stricter SNAP work requirements in the 2018 farm bill despite strong opposition from House Democrats and senators of both parties.
Net returns over variable costs would be $344 an acre for corn and $273 for soybeans based on expenses nationwide.