Farmers who filed a prevent plant claim will automatically receive a ‘top-up’ payment. A ten percent payment will be made to farmers with Yield Protection and Revenue Protection with the Harvest Price Option. Those with Revenue Protection will receive 15 percent.
“This has been such a tremendously tough year for producers and frankly, insurance guarantees aren’t as high as we’d like them based on the low commodity prices,” said Martin Barbre, administrator, Risk Management Agency. Barbre says the crop insurance companies will begin making the ‘top-up’ payments in mid-October. “I applaud the companies for stepping up and signing this agreement to bring these important funds to their producers.
USDA RMA Press Release
USDA has outlined how the rates were made for the new round of Market Facilitation Program payments. There is a countywide rate, but that was based on the estimated trade-related damages for various commodities. For dry edible beans, the commodity rate was at $8.22 per hundredweight. Soybeans were $2.05 per bushel, corn was at 14 cents and wheat was at 41 cents. Hogs and dairy rates were also announced, with hogs at $11 per head and milk production at 20 cents per hundredweight.
Farmers should start receiving the first round of Market Facilitation Program payments very soon. According to USDA Farm Service Agency Administrator Richard Fordyce, the payment process began Wednesday for farmers with approved applications. “Over 200,000 applications have been received since sign up began on July 29,” says Fordyce.
Farmers should expect to see up to $14.5 billion in payments. The first tranche covers 50 percent of that amount. The second and third payments of 25 percent each will depend on conditions at the time. “We’ll look at if there has been movement in trade negotiations in late fall. If not, then we’ll look at it again in January.” The MFP 2.0 application deadline is December 6.
Northarvest Bean Grower – Our Mission:
NHBGA, growers representing growers through the check-off system, is North America’s largest supplier of quality dry beans. Working together to better the industry through promotion, research, market development, education of consumers and monitoring of governmental policy. Our future goals must be continued market exposure and careful monitoring of new ideas, consumer choices, and producer needs.
50072 E. Lake Seven Road, Frazee, MN 56544