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Feds To Help Cotton Producers With Costs

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WASHINGTON (AP) - Federal officials have announced that cotton producers across the country will receive an estimated $300 million as part of a cotton ginning cost-share program.

Agriculture Secretary Tom Vilsack said in a news release Monday that the U.S. Department of Agriculture Farm Service Agency will provide about 60 percent more assistance to each farm than the 2014 cost-share program did.

Cotton producers have from June 20 through Aug. 5 to sign up at a Farm Service Agency office to receive the one-time payment. Payments will be based on a producer's reported 2015 cotton acres and will be limited to a $40,000 maximum per producer.

Officials say cotton growers have faced economic pressure since 2011 because of low cotton prices and global oversupply.

(© Copyright 2016 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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