USDA Updates Shareholders on 2018 Farm Bill Implementation

(WASHINGTON, DC) USDA recently updated shareholders regarding their progress in implementing the new 2018 Farm Bill. Two weeks ago, the Farm Service Agency (FSA) announced several changes to the Emergency Conservation Program (ECP), including increasing the payment limit from $200,000 per person or legal entity per natural event to $500,000. FSA announced that socially disadvantaged and beginning farmers or ranchers are now eligible for up to 90 percent ECP cost share of their total allowable cost. A few days later, FSA announced that producers now have a one-time opportunity until May 24th, to obtain buy-up coverage for 2019 or 2020 eligible crops for which the Noninsurance Crop Disaster Assistance Program (NAP) application closing date has passed. In addition, qualified military veteran farmers and ranchers are now eligible for a service fee waiver and premium reduction. Marketing Assistance Loans (MAL): On April 10, 2019, FSA announced the 2019 Marketing Assistance Loan rates for wheat, feed grains, oilseeds, rice and pulse crops. Relative to 2018-crop MAL levels, the 2018 Farm Bill increased the national loan rates for most of these commodities for each of the 2019-2023 crops. Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) Programs: FSA will open ARC/PLC elections for the 2019 and 2020 crop years beginning in September 2019.