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07/20/2011 09:36 AM EDT
USDA Issues Asparagus Revenue Market Loss Assistance
SAINT PAUL, MINN., July 20, 2011 —Minnesota State Executive Director Linda Hennen announced that USDA will issue approximately $15 million in payments for the Asparagus Revenue Market Loss Assistance Payment (ALAP) Program. Payments to asparagus producers approved for ALAP benefits began on July 13, 2011
ALAP payments will partially compensate asparagus producers for revenue losses during the 2004 through 2007 crop years,” Hennen said.
It has been determined that the payment rate of $1.06 for fresh market asparagus production will be reduced by a $0.5332566 factor while the payment rate of $1.08 for processed market asparagus production will be reduced by a $0.4416120 factor. These factored payment rates were determined from all approved applications that were submitted during the sign-up period and were calculated by dividing the funds available for each marketing category ($7.5 million for each), by the total eligible quantity of 2003-crop production for each marketing category submitted for payment. The payment rate for each marketing category cannot exceed the actual rate of revenue loss. ALAP Program payments to asparagus producers will be capped at $100,000 per producer, per marketing category (fresh and processed).
For more information about USDA Farm Service Agency market loss assistance programs, please visit your FSA county office or http://www.fsa.usda.gov.
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