I got a call from one of my clients yesterday saying that he got a surprise in the bank account. His ACRE payment had shown up and it was a substantial amount. We wrote many posts on this about a year ago before the final sign up for the 2009 crop indicating that ACRE might be a good idea with prices going down.
G.A. "Art" Barnaby Jr of Kansas State University posted an update recently projecting the estimated ACRE payout for each crop by state for the 2009 crop year. The primary payouts were for wheat.
For corn, the only corn belt state that qualified for an ACRE payment was Illinois at about $25 per acre. None of the other corn belt states received any payment, however, some other states received a fairly large payment:
- Connecticut, Massachusetts, Rhode Island all received close to $150 per acre
- Texas - $73 per acre
- Oklahoma - $49 for dry land and $100 for irrigated
Only two states qualified for a soybean payment - Texas got $15 per acre and South Carolina received about 54 cents per acre.
Sorghum payments ranged from about $11 to 47 per acre and were primarily in the Southern states.
Almost every state received a Wheat ACRE payout for the 2009 crop. The maximum payment of $133 was earned by Nevada, while Arizona, Delaware and Idaho all received more than $100 per acre. Most of the other states earned from $50 to $100 on average.
However, North Dakota, the largest wheat producing state earned zero for the year (due to their increased yield) and Kansas only earned $7.56 per acre.
If you have one of these crops and are in these states, check your bank account to see if the USDA made a deposit you were not expecting.
EHedger Closing Grain Commentary 11-15-10
December Cattle Daily Numbers & Trade Ideas for 11/15/10