Thousands of acres entered in Payment-In-Kind program.
According to a recent FSA news release, preliminary results are in for the USDA's Payment-In-Kind program. Over 5,000 growers throughout the nation offered to destroy about 100,000 acres for the program equaling around 290,000 tons of refined sugar owned by the USDA's Commodity Credit Corporation.
The amount of sugar each accepted grower is allocated is based on acreage in the program and past yields.
Each accepted grower is allowed a maximum payment of $20,000 or 15 acres. The government proceeded with the program to help alleviate low prices caused by an over supply of sugar and to reduce government inventory costs.