Reuters news reported yesterday (article posted at DTN, link requires subscription) that, “Wheat growers will receive about $300 million in supports for their 2009 crop through a new U.S. program that safeguards farmer revenue, said an Agriculture Department spokeswoman on Monday.
“The money will flow through the Average Crop Revenue Election, created in the 2008 farm law. ACRE offers significantly higher price guarantees than traditional crop subsidies but payment is made only when statewide and farm-level revenue from a crop falls below a trigger level.”
The article added that, “USDA estimated payments of $300 million to wheat growers and slightly more than $400 million for all crops, said the spokeswoman. Earlier this year, USDA estimated payments also would include $65 million to corn, $14 million for barley and $11 million for sunflowerseed.”