USDA's Commodity Credit Corporation has begun issuing $3 billion in final 2006 direct payments to producers with base acres enrolled in the Direct and Counter-cyclical Program. 2005-crop corn counter-cyclical payments totaling $1.6 billion will go to producers on farms with corn crop acreage enrolled in the program.
CCC will not issue any 2005-crop soybean counter-cyclical payments because the effective price for soybeans exceeded its target price, with the final marketing year price at $5.66 per bushel.
The final marketing year price for 2005-crop corn is $2.00 per bushel, and the 2005-crop corn CCP rate is $0.35 per bushel. Partial CCP allotments are authorized for October and February, with the final payment coming at the end of the marketing year. Producers who accepted partial payments for their corn base in Oct. 2005 and Feb. 2006 received $0.28 per bushel, and are due an additional $0.07.
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