The USDA has enrolled 255 million acres into the new Average Crop Revenue Election (ACRE) Program.
The acres stretch over 1.7 million farms that will be in return receive direct payments. $4 billion will be sent to these farmers and producers by the end of the year.
â€œThe sign-up numbers demonstrate that producers value having the option of two programs from which to choose the greatest benefit to their individual farming operation,â€ said Agriculture Secretary Tom Vilsack. â€œI also want to remind all producers that 2010 sign up for Direct and Counter-cyclical Program and Average Crop Revenue Election has already started and the deadline is June 1, 2010.â€
ACRE is a program that is part of the 2008 farm bill that is an alternative revenue-based safety net to the price-based safety net provided by counter-cyclical payments for crops from 2009 to 2012.
Those participating in the program are also eligible for low-rate marketing loans from the USDA.
Nebraska, Illinois, Iowa, South Dakota and North Dakota have the most acres enrolled in the program.
Federal Reserve stated interest rates likely to rise. Refinance your farm loan before rates go up. Call a representative by dialing 866-929-5585 or visit us online.