Market News & Headlines >> USDA Announces Program Payments
U.S. farmers will receive more than $9.6 billion in federal aid this year as part of government safety-net and conservation programs, Agriculture Secretary Sonny Perdue announced on Tuesday.
Payments will be made starting this week through the Agricultural Risk Coverage (ARC), Price Loss Coverage (PLC) and Conservation Reserve (CRP) programs. Roughly $8 billion will be paid out under the ARC and PLC programs for the 2016 crop year, while about $1.6 billion will be paid out under the CRP for 2017.
Total ARC and PLC payments to farmers should be up modestly from the 2015 crop year when they totaled slightly more than $7.8 billion. The estimated payments are before application of sequestration and other reductions and limits, including adjusted gross income limits and payment limitations.
“Many of these payments will be made to landowners and producers in rural communities that have recently been ravaged by drought, wildfires, and deadly hurricanes,” Perdue said. “I am hopeful this financial assistance will help those experiencing losses with immediate cash-flow needs as we head toward the end of the year.”