The Food, Conservation, and Energy Act of 2008 (2008 Farm Bill) reauthorizes the Milk Income Loss Contract (MILC) Program through September 30, 2012. The USDA Farm Service Agency's (FSA) MILC Program supports the dairy industry by providing direct counter-cyclical style payments to milk producers on a monthly basis when the Boston Federal Milk Marketing Order Class I price for fluid milk falls below the benchmark of $16.94 per hundredweight (cwt.). The 2008 Farm Bill changed the $16.94 per cwt of milk trigger for MILC payments to a variable trigger that may be adjusted monthly for variations in feed costs above $7.35 per cwt of a 16-percent protein feed ration. Monthly MILC payment rates will be determined and payments issued to eligible dairy operations when the Boston Class I price falls below the feed-cost-adjusted trigger. Certain per year per operation eligibility pound limits also apply.
The accurate MILC payment rates carried to seven decimal places are available
here
