Interest-Free Portion of Advance Payment Program Bumped Up to $250,000

Mar 26, 2024

It’s not all the way back to where it was last year, but the interest-free portion of the 2024 federal Advance Payment Program has been raised from its original level.

The federal government announced Monday the interest-free portion of the program has been set at $250,000 for the current year.

Originally fixed at $100,000, the upper limit on the interest-free portion was raised by Agriculture Canada to $250,000 in 2022 and to $350,000 in 2023 due to rising interest rates and input costs. However, the interest-free portion of the program was quietly returned by the government to $100,000 for the 2024 growing season – a move that spurred an outcry among farm organizations that maintained producers still needed the financial break a higher limit would provide.

In a news release today, Ottawa said raising the interest-free portion to $250,000 from $100,000 will save nearly 12,000 participating producers almost $5,000 each in interest costs on average, for a total savings of up to $58.7 million on a nationwide basis.

The Advance Payments Program gives producers easy access to low-cost cash advances of up to $1 million, based on the expected value of their agricultural product.

“With this support at the start of the production cycle, farmers will be able to purchase important inputs to support production this growing season,” the government release said, adding it will also provide marketing flexibility by allowing producers to sell their agricultural products at the most opportune time, rather than just when they need cash.

Under the Advance Payments Program, cash advances are calculated based on up to 50% of the anticipated market value of eligible agricultural products that will be produced or are in storage. The program is delivered through 27 industry-led associations.

Source : Syngenta.ca

Video: Dicamba Returns for Georgia Farmers: What the New EPA Ruling Means for Cotton Growers

After being unavailable in 2024 due to registration issues, dicamba products are returning for Georgia farmers this growing season — but under strict new conditions.

In this report from Tifton, Extension Weed Specialist Stanley Culpepper explains the updated EPA ruling, including new application limits, mandatory training requirements, and the need for a restricted use pesticide license. Among the key changes: a cap of two ½-pound applications per year and the required use of an approved volatility reduction agent with every application.

For Georgia cotton producers, the ruling is significant. According to Taylor Sills with the Georgia Cotton Commission, the vast majority of cotton planted in the state carries the dicamba-tolerant trait — meaning farmers had been paying for technology they couldn’t use.

While environmental groups have expressed concerns over spray drift, Georgia growers have reduced off-target pesticide movement by more than 91% over the past decade. Still, this two-year registration period will come with increased scrutiny, making stewardship and compliance more important than ever.