Logan County FSA October Updates

[October 26, 2017]    Payments headed to Logan County Producers!

ARC/PLC Payments - The USDA announced that 2016 Agriculture Risk Coverage - County (ARC-CO) and Price Loss Coverage (PLC) program payments are eligible to be issued. For Logan County, the following payment rates were earned:

2016 ARC-CO Payment Rates**:
Corn $9.77
Oats $26.45
Soybeans $0.00
Wheat $28.17

2016 PLC Payment Rates**:
Corn $0.34
Oats $0.34
Soybeans $0.00
Wheat $1.61
* PLC payment rates are multiplied by the PLC yield of each applicable farm.

**Remember, these payment rates are multiplied by 85% of the base acres on a farm for the crop. The ARC-CO and PLC payments are also sequestered by 6.8% as well.

Individual farm payments will vary depending on which program was elected for each crop, the number of base acres attached to the farm, the crop yield (for PLC), and the share for each producer on the farm. Actual planted acres for the 2016 crop year do not factor into the ARC or PLC program payments.

CRP Payments - Annual Conservation Reserve Program (CRP) payments are being issued from our office as well! Our office is currently working on processing the CRP payments for Logan County. Please remember after you harvest crops, fall is a good time to check on your CRP to ensure it is being maintained according to the conservation plan of operations.
Our office will contact you if we need additional information to process any of the payments. The payments are processed out of Kansas City. Producers with direct deposit will likely receive payment(s) before those receiving a check(s). The payment statements will arrive in the mail, likely after you have received your payment. If you have questions, after receiving your statement, feel free to contact the office.

-----

USDA Commodity Loans Available to Logan County Producers

The Farm Service Agency (FSA) reminds producers that USDA/FSA offers interim financing at harvest time to help producers meet cash flow needs without having to sell commodities when market prices are at harvest-time lows. The programs, known as Marketing Assistance Loans (MALs) and Loan Deficiency Payments (LDPs), were authorized by the 2014 Farm Bill for the 2014-2018 crop years.

The programs provide financing and marketing assistance for wheat, corn, and other feed grains, soybeans and other oilseeds, pulse crops, wool and honey. For eligibility, producers must control the commodity or a title to the commodity until the loan is repaid.

The Commodity Loan Program and the Loan Deficiency Program serve as an important financial marketing tool that provides the producer with operating cash in order to hold their grain off the market and benefit from future price increases.

The loan program also provides a producer leverage in repaying older operating loans financed with a higher commercial interest rate. As an added “safety net”, when cash prices fall below the loan rate for a specific commodity, the producer has the option to repay the loan using the Posted County Price (PCP).

Commodity loans can be repaid anytime during the 9-month term and before the loan matures using the lower of two methods: 1) principal plus interest, or 2) using the Posted County Price (PCP) which changes on a daily basis.

Please call the Logan County FSA Office for further details, or for more information, please visit www.fsa.usda.gov/pricesupport.

Logan County Loan Rates:
Corn - $2.05
Soybeans - $5.14
Wheat - $2.75

October Interest Rate: 2.250%

Also, please remember, grain under loan cannot be moved without prior authorization or repayment. Unauthorized removal, which includes removal for cleaning for seed or planting, is a violation and is subject to monetary and administrative penalties. Call Before You Haul!

-----

Changing Bank Accounts

All FSA payments should be electronically transferred into your bank account. In order to make timely payments, you need to notify the office if you close your account or if your bank is purchased by another financial institution. Payments can be delayed if we are not aware of changes to account and routing numbers.

Logan County FSA Office
1650 5th Street Road
Lincoln, IL 62656-9127
Phone: [phone]
Fax: [phone]
County Executive Director:
John Peters

Farm Loan Manager:
Tony Schmillen

Program Technicians:
Ann Curry
Tammy Edwards
Mari Anne Komnick
Chelsie Peddicord

County Committee:
Tim Sotherland - Chair
Dennis Ramlow - Member
Kenton Stoll - Member
Dorothy Gleason - Advisor

Next County Committee Meeting: TBD