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Beef Today News Detail

MILC Payments Restart

May 8, 2013
 
 

by Roger Bernard, Informa Economics

The software used to make Milk Income Loss Contract (MILC) payments was taken offline March 1 as the sequester effectively halted the payment process, according to the United States Department of Agriculture. But as of today, May 8, County FSA offices are again authorized to begin making payments under the program.


The following are the FY 2013 MILC payment rates for the contract periods of October 2012 through March 2013.

Month                                      MILC Payment Rate
October 2012                          $0.0236798
November 2012                       $0.0000000
December 2012                       $0.0000000
January 2013                           $0.1179986
February 2013                         $0.5222389
March 2013                            $0.7545603

In addition, USDA noted that the prompt payment interest rule applies, meaning that county offices have 60 calendar days to issue payment from the latter of the date all production evidence and supporting documentation is received, or the date the final MILC payment rate adjusted for feed costs is known and made available.
 

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