KANSAS CITY, Mo. — Dairy Farmers of America, Inc.’s board of directors has approved a special cash payment to members in an effort to ease economic burdens facing the dairy industry.
The $9.5 million payment — equivalent to 5 cents per hundredweight for milk marketed through Dairy Farmers of America from January through June 2009 — will be issued to 10,750 member farms active as of June 30, 2009.
“Obviously, relief has not come as quickly as we hoped, but we are committed to finding ways to ease stress that will have both short- and long-term impact on the dairy industry,” said Tom Camerlo, chairman of Dairy Farmers of America’s board of directors.
“Because of our conservative financial structure and diversified sources of capital, Dairy Farmers of America is well prepared to offer this special form of assistance to our members.”
The newly announced payment follows an early patronage distribution in April, and will be joined by the balance of members’ annual patronage payment in the next few weeks.
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