USDA Details Commodity Economic Assistance Program

The U.S. Department of Agriculture announced today that starting on March 19 farmers can apply for the Emergency Commodity Assistance Program. Corn growers are eligible for the program with a payment rate of $42.91 per acre for the 2024 crop year.

The new program was authorized by Congress through the American Relief Act, which passed in December. The economic assistance comes as growers are facing multiple years of low crop prices paired with high input costs.

“USDA has made implementation of economic assistance a priority,” said Illinois farmer and National Corn Growers Association President Kenneth Hartman Jr. “We appreciate that the process should be straightforward for corn growers to apply and receive assistance.”

The sign-up period will run through August 15, and USDA will mail pre-filled applications to producers over the coming days. Growers can also go online, beginning tomorrow or to their local Farm Service Agency to complete the process.

Initial payments will be factored by 85% to ensure the total program does not exceed the funding provided by Congress. Once the sign-up period ends in August, USDA may provide a second payment if additional funds are still available.

Congress also passed $20 billion in disaster assistance for the 2023 and 2024 crop years. Details for those programs will be shared at a later date, according to USDA officials.