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Countercyclical Payments Begin for Cotton and Peanuts

USDA began issuing countercyclical payments for the 2006 crop year Wednesday. Crop prices for other commodities were too high to earn payments.

Cotton and peanut producers enrolled in the Countercyclical Payment program began receiving payments from the USDA on Wednesday for the 2006 crop year. Strong 2006 prices for corn, soybeans, rice and grain sorghum exceeded their target prices in the countercyclical program, so no payments will be issued for those crops.

Upland cotton producers will receive a countercyclical payment rate of 13.73 cents a pound. Peanut growers will receive $104 per short ton on the 2006 crop.

For more information about the countercyclical payment program contact the local Farm Service Agency office or click HERE.

TAGS: Soybeans
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