USDA announces plan to defer crop insurance interest payments as wet 2019 continues Featured

USDA announces plan to defer crop insurance interest payments as wet 2019 continues US Department of Agriculture logo

Ag producers beset by flooding earlier this year will at least get one short-term financial benefit through the United States Department of Agriculture.


USDA's Risk Management Agency is deferring interest accruals for all producers' spring 2019 crop year insurance premiums. The move involves all policies with a premium billing date of Aug. 15 and pushes the 2019 premiums to the earlier of any termination dates that apply or for two months until Nov. 30.

Had this move not been taken, USDA says policies with the Aug. 15 billing date would have had interest attached by Oct. 1 if premiums were not paid by Sept. 30. The interest attachment date is now Dec. 1.

USDA says farmers and ranchers have filed so-called prevented planting claims on almost 20 million acres during the 2019 crop year. USDA anticipates the wet weather so far this year will also have a negative impact on crop yields and quality as harvest begins.

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