The American Soybean Association (ASA) is pleased that soybean and other oilseed producers will start receiving $462 million in 1999 oilseed payments this week, after a delay of several months. Payments under the program will be about 14 cents per bushel for soybeans. ASA worked with Congress last year to include the oilseed payments in legislation designed to assist producers suffering from lower income brought about by low prices.

"ASA has been urging the Office of Management and Budget to approve the regulation allowing these oilseed payments to take place," said ASA President Marc Curtis, a soybean, corn, rice, wheat and milo producer from Leland, Miss. "The announcement by Agriculture Secretary Dan Glickman today that payments are on the way this week is welcomed news for oilseed producers, who need this payment to provide relief from low crop prices.

"A producer with 500 acres of soybeans and 40 bushel per acre yields, should receive a payment in the amount of $2,818," said Curtis. "This amount, coupled with other economic loss assistance already provided to producers, is extremely important in maintaining the viability of farming operations during this period of record or near-record low commodity prices."

Agriculture Secretary Glickman said about 601,000 oilseed farmers in 48 states will benefit from the 1999 Oilseed Payment Program, which totals about $462 million.

ASA has already been working with Congress to authorize a payment program for 2000-crop oilseeds, similar to the program for 1999 crops. In legislation currently pending before Congress, $500 million has been earmarked for a 2000-crop oilseed payment program.

"Continuation of the oilseed payment program for 2000 is needed because oilseed prices remain low," said Curtis. "ASA will urge Congress to approve this important program for the 2000 crop."