CHICAGO, Ill. (Reuters) — A new U.S. farm bill should provide crop insurance products that let farmers withstand economic slumps and also cut out waste in nutrition assistance programs, the U.S. Agriculture Department has said.

The department said some of its other priorities for the bill include encouraging younger farmers as well as opening up foreign markets for U.S. agricultural products.

The current farm bill, which was projected to cost $489 billion over its five-year life, is set to expire this year.