 NEWS
Farm Service Agency
Public Affairs Staff
1400 Independence Ave SW
Stop 0506, Room 3624-South
Washington, D.C. 20250-0506
Release No. 1715.02
Dann Stuart (202) 690-0474
dan_stuart@wdc.usda.gov
SIGN-UP PERIOD FOR PEANUT QUOTA BUYOUT PROGRAM EXTENDED
WASHINGTON, Dec. 9, 2002 - The U.S. Department of
Agriculture today announced that the sign-up period for the
Peanut Quota Buyout Program (QBOP) as provided in the 2002
Farm Bill will be extended to Jan. 15, 2003.
The 2002 Farm Bill made significant changes in the peanut
program by replacing the peanut quota system that was
established in the 1930s with direct and counter-cyclical
payments to eligible peanut producers.
Generally, to be eligible for the QBOP, a person must have
owned 2001 basic peanut quota as of May 13, 2002. Eligible
persons will have the option to request a QBOP payment of
$0.11 per quota pound owned in five equal installments or a
lump sum payment of $0.55 per pound.
Peanut quota holders on record in their local Farm Service
Agency (FSA) office were notified by letter of their
potential quota buyout eligibility. Sign-up began on Sept.
13 and was scheduled to end on Nov. 22. To date more than
$900 million out of an estimated $1.3 billion has been paid
to producers.
For more information on this or other USDA programs, contact
your local USDA Service Center or FSA county office.
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NOTE: Farm Service Agency (FSA) news releases and media
advisories are available on the Web at FSA(s home page:
http://www.fsa.usda.gov.
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