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USDA Makes Counter-Cyclical Payments
WASHINGTON - Feb 25/04 - SNS -- The USDA began issuing the second counter-cyclical program payments for 2003-crop
rice and peanuts today.
Counter-cyclical payments are available to producers who participate in the Direct and Counter-cyclical Program (DCP), authorized by the 2002 Farm Bill. Producers are eligible for counter-cyclical payments when effective prices are less than the "target prices" specified in the Farm Bill.
The second partial payment makes available up to 70% of the projected counter-cyclical payment. The first partial payment was made available in October 2003. The second partial payment rate for producers who opted not to take the first partial payment is $51.80 per ton for peanuts and $0.63 per hundredweight (100 pounds) for rice.
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