USDA’S Risk Management Agency has announced it will defer accrual of interest for farmers spring 2019 crop year insurance premiums to help those affected by the extreme weather. Interest will be deferred to the earlier of the applicable termination date or for two months, until November 30. That is for all policies with a premium billing date of August 15. South Dakota Governor Kristi Noem says that flexibility will help ease the burden on farmers.

Without the interest deferral, policies would have interest attached starting October 1 if the premiums were not paid by September 30.
Noem also says the USDA assistance is critical with a record 4 million plus acres of prevented plant in South Dakota.

However, she has concerns that the USDA disaster assistance and MFP payments won’t be enough to help some farmers.

Noem is hopeful USDA will announce additional assistance as part of the $3 billion for agriculture in the disaster bill.