U.S. Sen. Charles Schumer, D-N.Y., says dairy farmers in New York state and across the country need help contending with falling milk prices.
The Democrat says Wednesday that he wants the U.S. Department of Agriculture to change the rules on dairy farm insurance to allow farmers to spread their premium payments over 12 months. Currently, dairy insurance rules require a 25 percent payment in February and the full balance due in June.
Schumer says the change, which does not require legislation, would give cash-strapped dairy farmers more flexibility in paying their bills.
Milk prices exceeded $24 per 100 lbs. in 2014 but have since dropped into the $15 range as overseas demand has softened.
New York is the nation’s third-largest dairy producer.
Was this article valuable?
Here are more articles you may enjoy.