More Prevented Plant Payments
Remember back in June Congress passed and President Trump signed into law the $19 billion dollar Disaster Relief Act? The Bill was mainly to help areas that had massive flooding last spring, It was very sad to see towns and farmsteads flooded. Remember the pictures of bins full of grain that were flooded and then broke open? The Disaster Relief Act was passed to help cover some of those losses.
There were questions last summer if the Disaster Relief Act would provide an additional payment for prevented plant acres? The answer then was maybe. Late last week the USDA announced there would be an additional payment added onto farmers crop insurance payment. Farmers will get an additional 10 to 15 percent on top of their crop insurance payment depending on what type of insurance they purchased.
The USDA's Risk Management Agency will calculate the payments that will be based on indemnity claims turned in by each farmer. Payments are expected to begin in the middle of October. By the way you do not have to sign up for the additional payments. If you filed a prevented plant claim the payment will be automatic from your insurance company.