Gary Adams, NCC Vice President for Economics and Policy Analysis, reviewed farm program support mechanisms in his Beltwide Production Conference presentation.
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Adams says the 2002 farm bill added several new features for farmers, including the counter-cyclical payment program.
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The formula for determining counter-cyclical payments continues to raise a lot of questions, Adams says.
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For cotton farmers, Adams says, the marketing-year average price reflects the price received over the August-July period.
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Low prices of past years led to large government prices, but current prices indicate smaller payments for the current crop year, Adams says.
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The new law spreads payments across the year, but Adams says the bulk of payments received for the current crop will occur in the fall.
