USDA Issues Safety-Net Payments to Kentucky FarmersPosted on Oct 23, 2017
(Lexington, KY) Oct. 23, 2017 – USDA Kentucky Farm Service Agency (FSA) Executive Director, Acting Robert W. Finch announced that approximately 32,787 Kentucky farms that enrolled in safety-net programs established by the 2014 Farm Bill will receive financial assistance for the 2016 crop year. 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 Acting Finch “Payments to Barley, Canola, Corn, Dry Peas, Grain Sorghum, Oats, Soybeans and Wheat producers are helping provide reassurance to our Kentucky farm families who are standing strong against low commodity prices compounded by unfavorable growing conditions.”
Producers in 100 Kentucky counties have experienced a significant drop in prices or revenues below the benchmark established by the ARC or PLC program and thus, will receive payments totaling $90.5 million. Payments related to corn crops made up much of those payments. There were also payments for seven additional crops.
“Payments by county for an eligible commodity can vary because average county yields will differ,” said Acting Finch.
Statewide, over 27,930 farms participated in ARC-County and nearly 4,957 farms participated in PLC. 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/ky.