Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.
Weather and other variables affect farmers every year. Commodity payments from the government are meant to offer farmers a safety net.
Weather and the markets imperil farmers’ financial viability every year. The government commodity payment programs are designed to serve as an ultimate safety net to keep our nation’s food producers in business.
Economists have estimated maximum safety net protection that may be experienced in the event of an overwhelming weather and market catastrophe. Although I hope we never see its need, the estimated, maximum government payment per acre for corn is $229. The maximum soybean payment is estimated to be $126. For wheat, the estimated maximum per acre payment is $90.
Read Lee’s full article on farm commodity payments in the Lima News here: Legal-Ease: Farm commodity payments and business planning
Source: LimaOhio.com, “Legal-Ease: Farm commodity payments and business planning,” by Lee R. Schroeder, May 30, 2015