Dairy Producers to Receive MILC Payments Soon; New AGI Forms Required

Dairy farmers enrolled in the Milk Income Loss Contract (MILC) program soon will be receiving payments for the September 2012 marketings. Payments will be issued beginning Feb. 5; however, producers must complete a new Average Adjusted Gross Income (AGI) form for 2013 before payments are released. With the extension of the 2008 Farm Bill, MILC contracts for dairy producers were automatically extended through Sept. 30, 2013, with no re-enrollment necessary.  The payment rate for September 2012 is approximately $0.59 per hundredweight. MILC payments are triggered when the Boston Class I milk price falls below $16.94 per hundredweight, after adjustment for the cost of dairy feed rations. Payments are calculated each month using the latest milk price and feed cost. Learn more. Learn more or download the AGI form.