The American Soybean Association (ASA) is reminding producers that the signup period for the 2000 Oilseed Payment Program begins today. This ASA supported program authorizes $500 million in payments to producers of soybeans and other oilseeds. The benefit to soybean producers is estimated to be about 14 cents per bushel.

"The Oilseed Payment Program is a result of ASA’s efforts to help soybean producers partially offset low prices," said ASA President Tony Anderson, a soybean producer from Mount Sterling, Ohio. "The Oilseed Payment is very valuable to soybean producers and everyone who qualifies should take full advantage of this program."

To be eligible for the 2000 Oilseed Program, a producer must share in the production of soybeans or other eligible oilseeds that were planted in 2000. Payments will be based on the higher of the producer's 1997, 1998, or 1999 acreage and proven or county average yield. Only producers who planted soybeans or other eligible oilseeds for the first time in 2000 can use their 2000 acreage and yield for payment purposes.

A farm with 400 acres, with a 38 bushel per acre yield, can expect to get about $2,128 from this program at the projected payment rate for soybeans of $0.14 per bushel. The actual payment rate may be more or less than the projected rate and will be determined after signup results are available. ASA estimates that about $371 million or nearly 75 percent of the total program benefits could be paid to farmers based on their production of soybeans.

Producers can sign up for this program or obtain additional information at their local Farm Service Agency office or USDA Service Center.