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What you should know about the Economic Loss Assistance Program 

A University of Missouri Extension economist says the U.S. House Ag Committee has released estimated payment rates for producers in the Economic Loss Assistance Program.

Ben Brown says the Continuing Resolution includes $10 billion in economic assistance to farmers.

“The payment rates that were included are on planted acreage for 2024,” he says. “They are based on a calculation of economic losses, assumed national averages and expenses. It doesn’t matter what a producer produced yield wise, they will all get paid the same amount.”

He tells Brownfield the U.S. Department of Agriculture will make the final payment decisions, but the current estimates are, “About $42 per acre for corn, about $30 per acre for soybeans. Cotton is a little higher at about $87 an acre. We also should have some payments on all the title one commodities.”

Brown says there could be payment rate limitations.

“This is separate payment limitation from the ones that face title one commodity payments that we see under the farm bill, of course that’s just a little bit of speculation at this point,” he says.

Economic aid will begin 90 days after the initial passage.

For more information about estimated payment rates, click here.

AUDIO: Ben Brown