Farm Risk Management Act for the 21st Century

Farm Risk Management Act for the 21st Century - Directs the Secretary of Agriculture to contract with eligible operators and producers (risk management account contracts) to: (1) provide a reserve to assist in the stabilization of farm income during low-revenue years; (2) assist operators and producers to invest in value-added farms; and (3) recognize high levels of environmental stewardship.

Sets forth risk management account contract provisions, including: (1) administration; (2) direct payments; (3) stewardship payments; (4) account transfers; and (5) tax treatment.

Extends counter-cyclical payments.

Amends the Farm Security and Rural Investment Act of 2002 to: (1) replace current national dairy market loss payment provisions with dairy payment provisions through FY2012; (2) revise and extend funding authority for the McGovern-Dole international food for education and child nutrition program; (3) extend funding for testing of biobased products for the federal biobased procurement program; (4) revise and extend the biorefinery development program; (5) revise and extend the rural renewable energy development program; and (6) replace current renewable and energy systems and energy improvements provisions with the rural energy for America program (funds through FY2014).

Establishes a recourse loan program for each loan commodity through crop year 2014.

Amends the Food Security Act of 1985 to extend: (1) the wetlands reserve program and increase maximum program acreage enrollment; (2) the environmental quality incentives program; (3) the conservation innovation grants program; and (4) the ground and surface water conservation program.

Increases grassland reserve program maximum acreage enrollment.

Extends authority to use Commodity Credit Corporation funds and facilities to carry out specified conservation-related programs.

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.

Establishes a community food assistance and food bank infrastructure grant program for eligible emergency feeding organizations.

Amends the Richard B. Russell National School Lunch Act to extend: (1) the fruit and vegetable program; and (2) the farm to school program.

Directs the Secretary of Transportation 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.

Extends: (1) the forest land enhancement program; (2) the healthy forests reserve program; (3) the biomass research and development program; (4) the federal crop insurance adjusted gross revenue insurance pilot program; (5) the farmers' market promotion program; and (6) the fruit and vegetable nutrition promotion program.