Peanut Program
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The
2002 farm bill The Farm Security and Rural Investment Act of 2002, also known as the 2002 Farm Bill, includes ten titles, addressing a great variety of issues related to agriculture, ecology, energy, trade, and nutrition. This act has been superseded by the 2007 ...
(P.L. 107–171, Sec. 1301–1310) replaced the longtime (65-year) support program for peanuts with a framework identical in structure to the program for the so-called
covered commodities The Direct and Counter-cyclical Payment Program (DCP) of the USDA provides payments to eligible producers on farms enrolled for the 2002 through 2007 crop years. There are two types of DCP payments – direct payments and counter-cyclical payments. ...
(wheat, corn, grain sorghum, barley, oats, upland cotton, rice, soybeans, and other oilseeds). The three components of the Peanut Price Support Program are fixed direct payments (at $36/ton), counter-cyclical payments (based on a target price of $495/ton), and marketing assistance loans or loan deficiency payments (LDPs) (based on a loan rate of $355/ton). The
peanut poundage quota Poundage quotas were authorized by the Agricultural Adjustment Act of 1938, so the peanut poundage quota was the supply control mechanism for the peanut price support program until its revision in the 2002 farm bill (P.L. 107-171, Sec. 1301-1310) ...
and the two-tiered pricing features of the old program were repealed. Only historic peanut producers are eligible for the
Direct and Counter-cyclical Program The Direct and Counter-cyclical Payment Program (DCP) of the USDA provides payments to eligible producers on farms enrolled for the 2002 through 2007 crop years. There are two types of DCP payments – direct payments and counter-cyclical payments. ...
(DCP). All current production is eligible for marketing assistance loans and LDPs. Previous owners of peanut quota were compensated through a buy-out program at a rate of 55¢/lb. ($1,100/ton) over a 5-year period.


References

*{{CRS, article = Report for Congress: Agriculture: A Glossary of Terms, Programs, and Laws, 2005 Edition, url = https://web.archive.org/20110810044532/http://ncseonline.org/nle/crsreports/05jun/97-905.pdf, author= Jasper Womach Peanuts Agricultural subsidies