Agricultural News
$557.5 Million in ERP Payments Issued to Texas Agricultural Producers
Tue, 05 Jul 2022 08:08:53 CDT
Eligible producers in Texas have received $557.5 million in funding to date. The U.S. Department of Agriculture (USDA) mailed out pre-filled applications in late May to producers with crop insurance who suffered losses due to natural disasters in 2020 and 2021. Commodity and specialty crop producers have until July 22 to complete applications.
"Over the course of the past two years, natural disaster events in Texas have resulted in catastrophic production and property losses for our agricultural producers," said Kelly Adkins, State Executive Director for Farm Service Agency in Texas. "Although these payments will not make these producers whole, they will help alleviate some of the financial stressors brought on by these severe and devastating weather events."
"USDA announced that $4 billion of Phase One has been paid out of the expected $6 billion in Phase One payments," said Tom Sell, J.D., co-founder of Combest, Sell and Associates, at this morning's Plains Cotton Advisory Group meeting. "However, we have heard that there will be a Phase one-B, where FSA will take in the 2021 area-based policies, crop insurance policies like SCO or STAX and issue letters to producers who may apply. Following this will be Phase Two, which will take in errors from Phase One and a certain window of shallow losses that didn't trigger crop insurance indemnities. I'm told the Phase One-B payments will be issued in late July with Phase Two payments potentially in late August."
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