FSA Reminds Grain Farmers to Pay Attention Loan Deficiency Payments
With current low commodity prices, ag producers may be eligible for a price support program available through USDA's Farm Service Agency. Washington State Farm Service Agency Program Specialist Dawn Scott reminds participating farmers
Scott: "They need to know before they lose beneficial interest — whether it is immediately at harvest or later on down the road — it is important to file a form CCC 633-EZ page one. That puts their intention to get either a Loan Deficiency Payment LPD or a commodity loan for that 2016 crop. It is especially important if they lose beneficial interest in the crop and want to receive Loan Deficiency payment if one becomes available."
The following crops may be eligible for an LDP: barley, canola, chickpeas, corn, dry peas, flaxseed, grain sorghum, honey, lentils, mustard seed, oats, rapeseed, safflower, soybeans, sunflower, wheat and wool. Scott continues
Scott: "They will want to complete that form before they lose beneficial interest. The deadline to complete that form would be the loan and LDP availability date. Which for most crops being harvested for the 2016 crop year would be next spring. Most crops fall under the March and May deadline."