USDA ANNOUNCES SIGNUP PERIOD FOR $1.3 BILLION PEANUT BUYOUT PROGRAM
"Washington, DC" Agriculture Secretary Ann M. Veneman today announced that the signup period of the Peanut Quota Buyout Program (QBOP) as provided in the 2002 Farm Bill will begin on Sept. 3, 2002, and end Nov. 22, 2002. Payments will be made after all program regulations have been issued.
"The 2002 Farm Bill makes significant changes in the peanut program by replacing the peanut quota system that was established in the 1930's with direct and counter-cyclical payments to eligible peanut producers," Veneman said. "USDA continues to aggressively implement the new farm bill and
this announcement today is another positive step in that regard."
Generally, to be eligible for the QBOP, a person must have owned 2001 basic peanut quota as of May 13, 2002. Eligible persons will receive a QBOP payment of $0.11 per quota pound owned in five equal installments or a lump sum payment of $0.55 per pound. Eligible quota holders have the option to elect to receive either a lump sum payment or five equal installments.
Letters were sent to producers in July asking them to update their peanut acreage history and yield information with USDA's Farm Service Agency (FSA). The information will be used to determine each peanut producer's peanut base and yield for direct and counter-cyclical peanut payments for
2002 through 2007 under the Farm Security and Rural Investment Act of 2002, the 2002 Farm Bill.
Peanut quota holders on record in their local Farm Service Agency (FSA) office will soon be notified by letter of their potential quota buyout eligibility.
For more information on this or other USDA programs, contact your local USDA Service Center or FSA county office.