The author of the article is an idiot. "Crop Insurance" is not "income". The government currently pays about 60 percent of the premium, but insurance companys must take in 2 dollars for every one they pay out to survive. Insurance is NOT INCOME. Take away the subsidy for crop insurance and very few farmers will insure their crops. That will make the market price more volatile.
Why can’t they just hedge in the commodity markets? Also, why would food prices be so volatile? Food companies store more than one seasons worth of crops, no?