Farm Service Agency Economic Assistance Payments

The Farm Service Agency has released new details on a key portion of the American Relief Act. The relief package includes three main components, an extension of the Farm Bill, disaster payments tied to the 2023 and 2024 crop years and economic assistance program payments for 2024. Doug Yoder, Manager of crop insurance services at Country Financial, breaks down what producers need to know.

"The payments going to be $42.91 per acre. Soybeans, $29.76

and wheat, $30.69 but with one caveat. I should say they're going to factor those payments at 85% of the numbers I just mentioned initially to make sure they have enough money to pay everybody. If they have some funds left over that Congress allocated, then they may issue a second payment later. But to start with those payment rates I just mentioned are publicized, but they're going like I said, they're going to only pay 85% of those of that rate here to begin with, to make sure they have enough funds to cover everybody."

The FSA also announced payment rates, and for any farmer who completed the required forms, payments will be issued automatically,

"If a farmer or landowner filled out and submitted a 578, an acreage report with the FSA office last year for 2024 FSA is going to automatically use that form to pre fill this new application."

Doug Yoder with Country Financial.