According to the United States Department of Agriculture Farm Service Agency, the CRP contracts covering over 1.6 million acres are due to expire September 2019.
Last month the FSA announced that CRP contracts that are due to expire the end of September 2019, are now being offered an extended expiration date of 1 year. The extension is at the same per acre payment rate and is not available if the continuation of the contract would make the contract exceed 15 years.
Eligible contract holders will be mailed a letter from the FSA office to inform them of the extension opportunity. Participants interested in the extension must file a CRP-1F Addendum before August 23, 2019. There are some provisions to be aware of. You can learn more HERE
If landowners decide not to extend the expiration date of a CRP contract, there are several options to consider. They can keep the grass cover and use the land for grazing ground and/or hunting. If desired and with some conversion of the land, they could put it back into crop production or lease the land to other interested parties for agricultural use. Lastly, they could put the land on the market for sale. For landowners seeking to transition their land to a new owner or find a potential tenant, our team can suggest management, valuation and marketing strategies to maximize your land’s value. We specialize in sales, acquisitions and mergers of agricultural assets such as farms and ranches and we have the knowledge to assist you in making the proper decisions about the future of your CRP farm. Please contact us today and let us know how we can assist you in meeting your goals!