The American Taxpayer Relief Act of 2012 (ATRA) extended the authorization of the Dairy Forward Pricing Program contained in the Food, Conservation and Energy Act of 2008 (the 2008 Farm Bill), through September 30, 2013.This document provides notice that producers and cooperative associations of producers may enter into forward price contracts under the Dairy Forward Pricing Program through September 30, 2013, as provided for in the Final Rule published October 31, 2008 (73 FR 64868).
The 2008 Farm Bill initially prohibited new forward contracts from being entered into after September 30, 2012, and no forward contracts entered into under the program extending beyond September 30, 2015. However, passage of the ATRA that was signed into law on January 2, 2013, revised the program to allow new contracts to be entered into until September 30, 2013. Any forward contract entered into up and until the September 30, 2013, deadline is still subject to the September 30, 2015, cutoff date to meet the terms of the contract.
Source: ADPI