USDA Missouri Farm Service Agency acting state executive director, Kimberly Viers, announced that approximately 60,000 Missouri farms that enrolled in safety-net programs established by the 2014 Farm Bill will receive financial assistance for the 2016 crop year, according to a press release sent by Johnson County Farms Service Agency.
The programs, known as Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) are designed to protect against unexpected drops in crop prices or revenues due to market downturns.
“These safety-net programs provide help when price and revenue fall below normal,” said Viers. “Payments to producers of corn, soybeans, grain sorghum, wheat and other crops are helping provide reassurance to our Missouri farm families who are standing strong against low commodity prices compounded by unfavorable growing conditions.”
Producers in all Missouri counties have experienced a significant drop in prices or revenues below the benchmark established by the ARC or PLC program and so, will receive payments totaling $191 million. Cash flow from these payments is particularly helpful to farmers and ranchers in counties impacted by natural disasters, according to the press release.
“Payments by county for an eligible commodity can vary because average county yields will differ,” said Viers.
More details on the price and yield information used to calculate the financing assistance from the safety-net programs is available on the FSA website at www.fsa.usda.gov/arc-plc and www.fsa.usda.gov/mo.