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ASCS offers
pre-payments
To provide farmers with additional cash flow, T.V. Williams Jr., chairman of the Rappahannock County Agricultural Stabilization and Conservation Service Committee, said advance payments are being offered during the sign-up for the 1988 Wheat and Feed Grain Acreage Reducation Programs.
Advance payments represent 40 percent of the estimated deficiency payment rate for the crop.
Deficiency payments are made to farm program participants when the average market price falls below the established target price for a crop. Mr. Williams said target prices for 1988 are $2.93 per bushel for com, $2.78 for sorghum, $2.51 for barley, $1.55 for oats, and $4.23 for wheat.
Estimated deficiency payment rates per bushel are $1.10 for com, $1.08 for sorghum, 76 cents for barley, 30 cents for oats, and $1.53 for wheat.
“Advance deficiency payments will be equal to 40 percent of the estimated deficiency payment rate,” Mr. Williams said. He said one-half of this amount will be issued in cash at sign-up and the balance in generic commodity certificates this May.
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