The U.S. Department of Agriculture says Arkansas farmers received $466 million in federal “safety net” payments this year for their crop losses in 2016, third highest in the nation.
The Arkansas Democrat-Gazette reports that this year’s payments are $100 million higher than last year’s, an increase brought on primarily by low market prices for rice. Arkansas is the nation’s largest rice producer.
The payments are made through two programs in the 2014 farm bill passed by Congress and are separate from what farmers can receive for crop damage caused by floods and other disasters.
In Arkansas, the programs primarily cover soybeans, corn, rice and wheat, although payments also have been made for losses in grain sorghum and peanuts. This year’s payments went to a total of 35,729 farms in Arkansas.
Topics Profit Loss Agribusiness
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