America’s farmers will soon have access to relief funds for weather related disaster losses.
America’s farmers will soon have access to relief funds for weather related disaster losses.
Transcript
America’s farmers will soon have access to relief funds for weather related disaster losses.
This week, the U.S. Department of Agriculture announced that it will begin accepting applications for $10 billion dollars in direct financial relief for crop losses sustained by extreme weather events during the 2024 crop year.
The funds are the first tranche of $30 billion dollars assigned by the last Congress and signed into law by President Biden in December of 2024.
Roughly 80 percent of the relief funds are expected to go to corn, soybean and wheat producers, but producers of 20 different crops are covered.
Producers who submitted acreage reports to FSA for the 2024 crop year are eligible for relief. Producers who did not file a report for 2024 have until August 15th of 2025 to submit their form to qualify for cash relief.
Payouts are estimated to run $43 per acre for corn, $30 per acre for soybeans, $31 per acre for wheat, and $84 per acre for cotton.
Farm profits hit a record in the 2022 farm year, but saw declines in both 2023 and 2024. The USDA has predicted improved farm profitability in 2025.
For Market to Market, I’m Peter Tubbs.
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