Milk Income Loss Contract Payments
- Milk Income Loss Contract Payments
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Milk Income Loss Contract (MILC) Payments is the name given by USDA to the dairy farmer counter-cyclical payments program, authorized by the 2002 farm bill (P.L. 107-171, Sec. 1502, 7 U.S.C. 7982). Under the program, dairy farmers nationwide are eligible for a federal payment whenever the minimum monthly market price for farm milk used for fluid consumption in Boston falls below $16.94/cwt. A producer potentially can receive a payment equal to 45% of the difference between the $16.94 per cwt. target price and the market price, in any month that the Boston market price falls below $16.94. A producer can receive a payment on all milk production during that month, but no payments will be made on any annual production in excess of 2.4 million pounds per dairy operation. On average this limit is reached by a milking herd of 130 cows. MILC payments apply to production beginning December 1, 2002, through September 30, 2012.
See Also
Dairy Price Support Program
References
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This article incorporates public domain material from the Congressional Research Service document "Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition" by Jasper Womach.
