Farmers in Wichita and Archer counties are on track to receive a combined $2 million in crop insurance payments this year, according to the U.S. Department of Agriculture. The payout covers the difference between the sales price of crops and what is referred to as the "break-even" price, meaning the dollar amount above which crops sell at a profit. Wheat, for example, sold on average for 61 cents less per bushel than the break-even price of $5.50 in 2015. In Wichita County, whose king crop is wheat, farmers enrolled in the insurance plan are scheduled to collect $1.65 million in federal tax dollars for crop losses, said Albert Lopez, executive director of the USDA's Farm Services Agency in Wichita and Archer County. Farmers in Archer County are expected to get a payout of $825,000 from the program, he said. This is the first time U.S. agriculture producers have received insurance payments from the so-called "price loss coverage" program, a mechanism of the 2014 Farm Bill. Lopez said the payment system differs from the previous program in that it takes into account crop sales and measures them against break-even prices, as opposed to paying farmers a flat rate. Payments made this month — which are intended to cover monetary losses incurred in 2015 — are expected to exceed $7 billion nationally. Speaking of wheat specifically, Lopez said it's likely that next year's price loss payments for 2016's crop will exceed the $7 billion figure. Record yields globally have caused the price of domestic wheat to plummet, widening the gap between the crop's selling price and break-even threshold. Wheat sales now averaging about $3 a bushel, well below the break-even price of $4.50. Still, wheat exports remain on target to meet the USDA goal of 950 million bushels exported in 2016-17. Source - http://www.timesrecordnews.com