Producers who signed up for the 2013 Average Crop Revenue Election program (ACRE) need to remember to contact their local USDA Farm Service Agency prior to July 15, 2014 to submit their 2013 production information, as well as their 2008-2012 production information for all farms enrolled in ACRE, or verify that the necessary production history reports have already been submitted.
Failure to provide these records by the July 15 deadline could result in the cancellation of the 2013 ACRE contract. If the contract is terminated, all payments, including direct payments previously received plus interest for the 2013 production year will be required to be refunded.
"Despite the hectic planting season that we have been dealing throughout the High Plains, it is important that producers who enrolled farms in the 2013 ACRE program remember to take time to submit their 2013 production report and ensure that their 2008-2012 production history is on file with FSA on or before July 15," PCG Executive Vice President Steve Verett said. "This information is used to calculate the farm's ACRE Guarantee amount that will be compared to the calculation of actual 2013 revenue to determine if a farm meets the required farm level loss trigger that will initiate payment of 2013 ACRE benefits."
A farm's ACRE Guarantee/Revenue Loss trigger is calculated using the benchmark farm yield (2008-2012 Olympic average yield) multiplied by the 2013 ACRE guarantee price of $0.804 per pound plus crop insurance premium. This number is then compared to the actual farm revenue (actual 2013 farm yield multiplied by the national average market year price).
When the actual farm revenue is below the farm ACRE Guarantee then the farm has met the revenue loss trigger and becomes eligible for an ACRE payment.
The farm level ACRE trigger is the second trigger required to establish eligibility for ACRE benefits. The first trigger is based on statewide revenue and is a comparison of historic statewide revenue, based on the state's 2008-2012 Olympic average yield and the 2013 ACRE guarantee price of $0.804 per pound.
Based on final 2013 crop production figures released by USDA-NASS and the FSA's May 13 estimate for 2013 market prices Texas non-irrigated cotton is expected to trigger a maximum payment rate of $49.88 per acre. Final individual payment rates for farms enrolled in the 2013 ACRE program will be calculated using the statewide payment rate multiplied by the farm's productivity factor.
In addition to non-irrigated cotton, 2013 ACRE payments also are expected for the following Texas crops: irrigated and non-irrigated corn, sorghum and wheat.
"Producers must remember that failure to get the necessary production history turned in by July 15 would not only result in termination of the 2013 ACRE contract, but also require repayment of previously received 2013 direct payments plus interest," Verett said. "It is absolutely critical that producers who signed up for the 2013 ACRE program call or go to their local USDA Service Center and make sure that they have all of the paperwork needed to ensure their eligibility for 2013 ACRE."
Space Still Available for
Texas International Cotton School
Registration remains open until July 15 for local participants who wish to attend the 34th session of the Texas International Cotton School, scheduled for August 4-15, 2014, in Lubbock.
The intensive two-week program covers all aspects of cotton, from the field to the fabric. Since its inception, the school has been a collaboration between the Texas cotton merchants who make up the Lubbock Cotton Exchange and the faculty and staff of the Fiber and Biopolymer Research Institute of Texas Tech University.
During the two weeks of the school, more than 30 experts from across the United States teach the students, who learn about the cotton marketing chain – including seed breeding, farm production, harvesting, ginning, warehousing, merchandising, and textile manufacturing.
For more information, including tuition and curriculum, visit http://www.texasintlcottonschool.com or call Christi Chadwell, TICS coordinator, at (806) 834-8124.