USDA Announces Farm Safety Net Payments
The Department of Agriculture announced this week that more than $9.6 billion in payments would be made through farm safety net programs. USDA started sending out the payments this week as part of the Agriculture Risk Coverage, Price Loss Coverage and Conservation Reserve programs.
USDA is issuing approximately $8 billion in payments under the ARC and PLC programs for the 2016 crop year, and $1.6 billion under CRP for 2017. Agriculture Secretary Sonny Perdue says many of the payments will be made to landowners and producers “that have recently been ravaged by drought, wildfires, and deadly hurricanes.” More than 500,000 farmers will receive ARC payments and more than 250,000 farmers will receive PLC payments.
Source; NAFB News