I should be careful what I say, since a good chunk of my relatives make their living from farming and are probably (make that "certainly") more informed about the Farm Bill than I am. Nevertheless, I'm going to sin boldly here and say that this sounds ridiculous. Apparently the biggest crisis in the American farming economy is that the government subsidizes fatty products more than healthy products. That's why we don't eat well, not the fact that McDonald's tastes better than salad. (And I say that as someone who has a salad every day for lunch. That's right. Every day.)
Special K may be in favor of this plan, since it might increase the cost of meat and thus reduce meat consumption. Unfortunately for the Majority World, the total bill increases subsidies overall and will probably do nothing to reduce competition from artificially cheap U.S. goods. So overall impact on hungry people: probably negative.