FARM 21 Act of 2007

Food and Agriculture Risk Management for the 21st Century Act of 2007 or FARM 21 Act of 2007 - Prohibits, after 2007, any direct, counter-cyclical or transition payment to an individual or entity whose adjusted gross income exceeds $200,000.

Directs the Secretary of Agriculture to offer to enter into a risk management account with a qualifying farm or ranch operator.

Extends direct payments and reduces payment amounts. Requires specified payment percentages, and 100% for FY2012, to be deposited into a risk management account. Links such payments to environmental stewardship.

Extends counter-cyclical payments.

Repeals: (1) the milk price support program; (2) specified commodity support programs; and (3) the sugar tariff quota.

Directs the Secretary to establish a recourse loan program for all commodities, including sugar, for which marketing loans were available.

Reduces the crop insurance administrative and operating reimbursement rate.

Extends: (1) the environmental quality incentives program; (2) the conservation innovation grants program; (3) the wetlands reserve program; (4) the grasslands reserve program; (5) the wildlife habitat incentives program; (6) the farm and ranchland protection program; and (7) the healthy forests reserve program.

Extends: (1) the fruit and vegetables in school program; (2) the farm to school program; and (3) the farmers market promotion program.

Directs the Secretary to assist eligible trade organizations increase the consumption of fruits and vegetables in the United States to meet federal health guidelines.

Extends the McGovern-Dole international food for education and child nutrition program.

Extends: (1) the biorefinery grant and loan program; (2) the renewable energy systems and energy efficiency improvements program; and (3) the biomass research and development program.

Sets forth specified rural development project eligibility criteria.

Extends: (1) the value-added producer grant program; (2) the rural broadband access program; (3) the rural business opportunity grant program; and (4) the farmworker training grant program.

Directs the Secretary to establish a rural entrepreneurship and microenterprise program to provide low- and moderate-income individuals with skills and technical and financial assistance to establish new small businesses in rural areas. Authorizes the Secretary to provide grants and carry out a rural microloan program.

Directs the Secretary to use specified Commodity Credit Corporation funds for: (1) water or waste disposal grants or loans; (2) emergency community water assistance grants; (3) community facilities grants and loans that support projects that assist rural first responders; (4) broadband access loans; and (5) distance learning and telemedicine grants.

Amends the Food Stamp Act of 1977 with respect to: (1) combat pay and retirement account exclusions; (2) standard deduction increases; (3) child care deduction limits; (4) state cost-sharing during natural disasters; (5) minimum benefits; (6) program reauthorization; (7) program administration; (8) cash payment pilot projects; (9) block grants for Puerto Rico and American Samoa; (10) the commodity distribution program; (11) outreach grants; (12) the emergency food assistance program; and (13) community food projects.

Directs the Secretary to offer to enter into a contract or grant agreement with a primary nongovernmental organization to establish the National Food for the Hungry Transportation Fund to track, collect, and deliver time-sensitive food products.