However, although MILC payments
will continue through June 30, 2014, at a 45 percent payment rate.
The MILC program was slated to expire on September 30, 2012 but was later extended retroactively by the American Taxpayer Relief Act of 2012, which authorizes MILC payments through September 30, 2013.
50 margin trigger coverage is over $104,000 for a 1,000-cow dairy, while total expected MILC payments are only about $9,000.
It also objected that the bill would increase the payment rate for the Milk Income Loss Contract (MILC) program and increase the quantity of milk that is eligible to receive MILC payments.
It also raises the annual milk volume qualifying for MILC payments, from 2.
109-171) extended MILC program authority for two years, through September 30, 2007, but prohibits any MILC payments
beyond August 31, 2007.
To make matters worse, MILC payments
to farmers are highest when the price of milk is lowest, preventing consumers from reaping the full benefit of cheaper groceries when they are available.