| Sept. 14 deadline for new MILC fiscal year |
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Important dates are coming up for producers participating in the Milk Income Loss Contract (MILC) program. Oct. 1, 2010 marks the start of a new MILC payment period. Producers are urged to visit their local FSA office prior to Sept. 14, 2010, to request a change in their payment start date if they wish to do so. If no change is requested, their start date will remain the same as it was for fiscal year 2010. Many producers are likely currently signed up for payments to begin in October as selected for the 2010 fiscal year. Current projections for MILC payments suggest that there will be no payment until early 2011. Months with no payment do not count against a producer’s cap, but if October is the start month and it is not changed before September 14, payments will begin with the first month for which there is a payment. Producers who decide to change their start date can do so as often as they like, as long as they do before the 14th of the month preceding the month payments are requested. Based on projections from the Cornell Program on Dairy Markets and Policy, the highest payment month is forecasted for July 2011. See below for each month’s projection based on Cornell’s latest forecast. Producers are reminded that any change to their dairy operation must be submitted to the Farm Service Agency (FSA) on form CCC-580M, MILC Modification. Changes not only include the start month request, but changes such as movement of a dairy facility, changes in the business type, addition or deletion of partners, and any other changes that may affect how the IRS would look at the structure of the dairy operation. Further information is located online at www.fsa.usda.gov or by contacting a local FSA office.
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