Farmers and land owners have about six weeks remaining to sign up for the Direct and Counter Cyclical Payment (DCP) and the Average Crop Revenue Election Program (ACRE), for which the deadline is June 1, 2012. In addition, producers have until June 1st to sign up for the Supplemental Revenue Assistance Payment Program (SURE) for the 2010 crop year.
Eligible DCP participants receive a direct payment and/or a counter-cyclical payment. Direct payment rates are established by statute regardless of market prices. Counter-cyclical payments vary depending on market prices and are issued only when the effective price for a commodity is below its target price (which takes into account the direct payment rate, market price and loan rate).
Both DCP and ACRE participants must sign annual contracts to receive program benefits. All signatures of producers who will receive a share of DCP and ACRE payments must be on file by the June 1, 2012, deadline.
At least a 10 percent production loss adjusted for quality on a crop of economic significance;