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August Grain Team Tip of the Month

Aug 01, 2020

Government programs when available have always played an important roll for producers. USDA offers a variety of funding opportunities to help farmers and ranchers finance their business. During the current uncertain times in agriculture, these programs are more important than ever to make sure you understand and completely take advantage of in helping your farming operation to cash flow. The grain team at Mid Iowa Coop takes pride in understanding these programs as well so that we can help our producers.

There are a couple of deadlines coming up. August 28th and September 30th.

Coronavirus Food Assistance Program (CFAP) provides financial assistance to producers of agricultural commodities who have suffered a 5% or greater price decline or who had losses due to market supply chain disruptions due to COVID-19 and face additional significant market costs. USDA’s Farm Service Agency is accepting CFAP Applications through August 28, 2020.

Price Loss Coverage (PLC) is the program that most producers chose for corn. Information used to determine payment details include a marketing year average price and your updated yield information given to the FSA office. The last time you were able to update yield was 2012. You now have the opportunity to update yields again using 2013 through 2017 yields. There looks to be a significant PLC payment coming for the 20/21 crop year which will be paid in the fall of 2021. Deadline to update your yields at the FSA office is September 30th.
Please contact any of the grain marketing staff if you need assistance.

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