FOR IMMEDIATE RELEASE
February 21, 2001
SOYBEAN INDUSTRY WELCOMES OILSEED PAYMENT PROGRAM BENEFITS TO FARMERS
(COLUMBIA, SC)---The SC Soybean Board and the SC Soybean Association join the American Soybean Association (ASA) in welcoming the announcement by the U.S. Department of Agriculture (USDA) calling for distribution of about $500 million to the nation’s oilseed producers. It is estimated that 77 percent of the funds, or about $385 million, will be paid to farmers based upon their soybean production.
In 1999, ASA was the lead organization that pressed Congress for a special income assistance program as part of a comprehensive emergency farm assistance package. Congress authorized the special oilseed payment after ASA raised concerns that the Agricultural Marketing Transition Act (AMTA) payments did not reflect soybean prices and income, since AMTA payments are based on former program crop acres and yields. In 2000, ASA again successfully urged Congress to include an oilseed payment program in emergency farm legislation passed by Congress. About 28 percent of U.S. crop area was planted to soybeans last year.
Producers who planted soybeans or other eligible crops in 2000 are eligible to participate in the Oilseed Payment Program. A producer's payment yield for soybeans is based on a county historical average or the producer's actual yield. A producer's payment acres are based on the highest of planted acres in 1997, 1998, or 1999, except for new producers the payment acres are based on 2000 plantings. For example, a farm with 200 acres of soybeans, with a 42 bushel per acre yield, can expect to get about $1,196.00 from this program at the projected payment rate for soybeans of $0.1425 per bushel.
For more information about SC’s soybean industry, call Margaret Owens, 803-734-1767.