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U.S. tobacco quota buyout program endsU.S. tobacco quota buyout program ends

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U.S. tobacco quota buyout program ends

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U.S. tobacco quota buyout program ends

According to Tobacco Online, Oriental Tobacco.com reported that 銆€銆€ after ten years of supporting tobacco farmers, the US tobacco quota buyout project has completed the final verification.銆€銆€ According to most industry insiders, the U.S. Tobacco Transition Payment Program (TTPP) has achieved its goals. Tobacco growers, producers and landowners have received much-needed funds to help them transition to other agricultural sectors or upgrade equipment. Now that the final payment has been paid, tobacco farmers, economic developers, and the tobacco industry are waiting to see what impact the termination of the tobacco transitional payment plan will have on agricultural production areas, especially on the production of tobacco leaves in the United States.銆€銆€ With the termination of the U.S. Tobacco Support Program in 2004, as a federal initiative, the Tobacco Transitional Payment Program was launched to help tobacco quota holders and manufacturers turn to the free market. This project, also known as the Tobacco Quota Buyout Program, has provided bridging payment funds for 10 years. All quota holders can get compensation of $7 per pound (1 pound is about 0.45 kg) of tobacco leaves. Funds for this project come from domestic tobacco manufacturers and exporters in the United States, and are collected quarterly based on the assessment of each company.銆€銆€According to Blake · Brown, professor of economics at North Carolina State University, from 2005 to 2014, nearly US$9.6 billion in overpayment funds have had an important impact on the agricultural economy of tobacco-growing states. However, the practice of some tobacco farmers using overpayment funds to supplement tobacco production also raises concerns: once the payment of funds is stopped, tobacco farmers may leave the tobacco industry. "The tobacco transitional payment plan cannot meet all the requirements for tobacco leaf production. The only reason for tobacco farmers to continue to engage in tobacco leaf production is that they think it is profitable. "Brown said.銆€銆€According to the information of the United States Department of Agriculture (USDA), many recipients of overpayment funds retire immediately after receiving the funds. In 2005, a large number of farmers gave up tobacco quotas. The results of the agricultural census showed that the number of tobacco farmers dropped from about 57,000 in 2002 to 16,234 in 2007. The results of the 2012 census showed that the number of tobacco farms was reduced to 9,626.銆€銆€&Ldquo;The decrease in the number of tobacco farmers is partly due to the way tobacco producers are defined in the tobacco project. "During the implementation of the project," Brown said: "During the implementation of the project, if quota holders who do not produce and growers who use their quota share tobacco, such quota holders will also be recognized as tobacco farmers. "銆€銆€The reason for the decline in the number of tobacco farmers is also those farmers who withdrew from tobacco production and turned to non-agricultural jobs. "Some farmers only spend part of their time growing tobacco, especially burley tobacco. "Brown said.銆€銆€ Davenport & Davenport, a spokesman for the parent company, said: 鈥淚n terms of tobacco leaf production, people鈥檚 decision to grow tobacco will be based on expected returns, rather than overpayment of funds. "The Davenport family is a five-generation tobacco family from Greenville, North Carolina, USA.銆€銆€&Ldquo;I have never seen any tobacco grower base its decision on whether to produce or not based on the overpayment of funds. "Davenport said, "Changes in the market, labor challenges, increasing regulations and requirements for keeping records, these factors will all have an impact on the acreage. Fearing that tobacco farmers once again fled the tobacco industry on a large scale, a large amount of investment is now being used in specialized tobacco growing equipment. "銆€銆€ Brown believes that other variables will have a greater impact on the future of tobacco planting in the United States. "There are many factors that will have a greater potential impact on American tobacco production, but the termination of the overpayment plan will not have a negative impact. "Brown said, "Other factors, such as the emergence of e-cigarettes and whether the demand for tobacco leaf in Asia is strong, will have a more significant impact on the future of tobacco leaf production in the United States. ”銆€銆€According to historical data, in 2012, the USDA directly reimbursed tobacco growers US$1.74 billion and issued US$4.11 billion to the original quota holders. The quota holder is the owner of the farm land to which the tobacco leaf quota is allocated. In order to obtain equity interests in long-term payment funds, many quota holders and growers choose to deposit the overpayment funds in financial institutions that provide lump-sum payments (that is, securitize the overpayment funds). As a result, 1.79 billion U.S. dollars in transition payments went to financial institutions.銆€銆€ In 2005, more than 384,000 US dollars of overpayment funds were distributed to quota holders, and producers received approximately 182,600 US dollars. According to information from the US Department of Agriculture, most producers also receive overpayment funds issued to quota holders. Before the tobacco quota buyout, there were more than 38,000 individual flue-cured tobacco quotas and more than 24,000 burley tobacco quotas.銆€銆€&Ldquo;Many quotas have more than one owner. This may be the reason why the amount of overpayment in 2005 was so huge. "Brown said. According to information from the US Department of Agriculture, in January 2005, the transitional payment plan provided payment funds to producers and quota holders of US$287 million and US$667 million, respectively. In 2005, more than 2.1 billion U.S. dollars in disbursements flowed into the rural areas of tobacco-producing states.銆€銆€ Also in 2005, according to the US Department of Agriculture, North Carolina issued $392 million in repayment funds to cigarette manufacturers and quota owners. In contrast, the next large-scale capital expenditure related to the tobacco industry is due to the MSA. Under this agreement, tobacco manufacturers paid US$148 million to the government in 2005. In Kentucky, the second largest tobacco producing state in the United States, tobacco producers and quota holders received US$221 million in payments in 2005. According to the Grand Settlement Agreement, the manufacturer鈥檚 compensation to the Kentucky State Government in 2005 was $112 million.銆€銆€ The transitional payment plan has brought unprecedented funds to a large number of residents in tobacco-producing areas. According to Joe Kim, executive director of the Florence County Economic Development Corporation, producers use transitional funds or one-off funds in a variety of ways, including reducing farmers' debts, upgrading equipment, and diversifying production to retain tobacco farmers. Florence County Economic Development Corporation is located in Pedy District, South Carolina, which is one of the largest tobacco growing areas in the United States. "In Pedie District, planting tobacco leaves is a source of income for many families. It has been a "crop for sale" that farmers can rely on for many years." Jin said, "With the current anti-smoking sentiment and price With the elimination of subsidies and quota systems and the transfer of the cigarette auction market, the economic impact of tobacco is less than in the past. ”銆€銆€ As for the impact of the termination of the transitional payment plan on the economy of rural tobacco-growing areas, it is still too early to discuss. Brown, Davenport and King all believe that this will have minimal impact on the local economy. "Some growers have used transition funds to upgrade their equipment, and some growers may use the last payment to pursue other benefits. "Davenport said," However, I think most non-agricultural quota holders received the lump sum payment from the beginning. Therefore, the termination of this project will not affect the local economy. "銆€銆€ Jin believes that in the face of the decline in cigarette sales and consumption, the transition payment plan provides tobacco farmers with diversified choices. "Some people use transitional remuneration to pay off debts, some use these funds to invest, and some farmers upgrade their agricultural equipment. "He said, "Traditionally, tobacco farmers mostly consume locally. In the first few years of the implementation of the transitional payment plan, the economic multiplier effect has played a substantial role in the local area. ”銆€銆€Davenport & Sons owned 300 acres (1 acre is about 6.07 acres) of farms in the 1960s, and now it has reached 3,600 acres, which can provide diversified daily necessities, including cotton, wheat, soybeans and peanuts. According to Davenport, 240 acres of Virginia flue-cured tobacco were grown on the farm in 2014, up from 200 acres in 2013. He added: “10 years ago, 200 acres was a medium-scale tobacco field; now, this scale is considered a small tobacco field. ”銆€銆€“Over the past 10 years, the overpayment funds have been used for capital improvement of farms and businesses. In the first year of project implementation, we sold about 70% of the quota and received the holder鈥檚 share change notice, and All payments available to tobacco producers during the implementation of the project. "Davenport said.銆€銆€ In 2010, Davenport used part of the overpayment funds obtained to create a modern facility to increase processing capacity and increased the storage of 250,000 bushels (1 bushel equals 27.2 kg) of soybeans. "This new equipment can triple our storage capacity, packing up to 6000-7000 bushels of soybeans in a 10-hour working period. "Davenport said.銆€銆€ Everyone involved in the quota buyout knows that the transition payment plan will end in 2014 and should have planned. Brown said frankly: "In any case, there will always be some people who blindly consume after receiving the funds, and some people will make mistakes in investment and consumption propositions. However, most people will eventually consume, invest, or save money rationally. Everyone will complain about the termination of payment funds, but this result is not unexpected. ”銆€銆€As one of the top economic developers in the United States, Jin also believes that the termination of the transitional payment plan will not cause long-term negative effects on the economy of the tobacco growing community, because the recipient knows that the plan will definitely be terminated.銆€銆€Davenport said that he did not feel that the termination of the overpayment plan would have an impact on his business. This project "is a huge victory for tobacco producers and landowners." "He doesn't want to see the end of the transitional payment plan. He believes that this project is of great significance for farmers to leave the shrinking tobacco industry. Davenport said: "If farmers are not open to diversification and change, they will not be able to survive the free market. ”

According to Tobacco Online, Oriental Tobacco.com reported that 銆€銆€ after ten years of supporting tobacco farmers, the US tobacco quota buyout project has completed the final verification.銆€銆€ According to most industry insiders, the U.S. Tobacco Transition Payment Program (TTPP) has achieved its goals. Tobacco growers, producers and landowners have received much-needed funds to help them transition to other agricultural sectors or upgrade equipment. Now that the final payment has been paid, tobacco farmers, economic developers, and the tobacco industry are waiting to see what impact the termination of the tobacco transitional payment plan will have on agricultural production areas, especially on the production of tobacco leaves in the United States.銆€銆€ With the termination of the U.S. Tobacco Support Program in 2004, as a federal initiative, the Tobacco Transitional Payment Program was launched to help tobacco quota holders and manufacturers turn to the free market. This project, also known as the Tobacco Quota Buyout Program, has provided bridging payment funds for 10 years. All quota holders can get compensation of $7 per pound (1 pound is about 0.45 kg) of tobacco leaves. Funds for this project come from domestic tobacco manufacturers and exporters in the United States, and are collected quarterly based on the assessment of each company.銆€銆€According to Blake · Brown, professor of economics at North Carolina State University, from 2005 to 2014, nearly US$9.6 billion in overpayment funds have had an important impact on the agricultural economy of tobacco-growing states. However, the practice of some tobacco farmers using overpayment funds to supplement tobacco production also raises concerns: once the payment of funds is stopped, tobacco farmers may leave the tobacco industry. "The tobacco transitional payment plan cannot meet all the requirements for tobacco leaf production. The only reason for tobacco farmers to continue to engage in tobacco leaf production is that they think it is profitable. "Brown said.銆€銆€According to the information of the United States Department of Agriculture (USDA), many recipients of overpayment funds retire immediately after receiving the funds. In 2005, a large number of farmers gave up tobacco quotas. The results of the agricultural census showed that the number of tobacco farmers dropped from about 57,000 in 2002 to 16,234 in 2007. The results of the 2012 census showed that the number of tobacco farms was reduced to 9,626.銆€銆€&Ldquo;The decrease in the number of tobacco farmers is partly due to the way tobacco producers are defined in the tobacco project. "During the implementation of the project," Brown said: "During the implementation of the project, if quota holders who do not produce and growers who use their quota share tobacco, such quota holders will also be recognized as tobacco farmers. "銆€銆€The reason for the decline in the number of tobacco farmers is also those farmers who withdrew from tobacco production and turned to non-agricultural jobs. "Some farmers only spend part of their time growing tobacco, especially burley tobacco. "Brown said.銆€銆€ Davenport & Davenport, a spokesman for the parent company, said: 鈥淚n terms of tobacco leaf production, people鈥檚 decision to grow tobacco will be based on expected returns, rather than overpayment of funds. "The Davenport family is a five-generation tobacco family from Greenville, North Carolina, USA.銆€銆€&Ldquo;I have never seen any tobacco grower base its decision on whether to produce or not based on the overpayment of funds. "Davenport said, "Changes in the market, labor challenges, increasing regulations and requirements for keeping records, these factors will all have an impact on the acreage. Fearing that tobacco farmers once again fled the tobacco industry on a large scale, a large amount of investment is now being used in specialized tobacco growing equipment. "銆€銆€ Brown believes that other variables will have a greater impact on the future of tobacco planting in the United States. "There are many factors that will have a greater potential impact on American tobacco production, but the termination of the overpayment plan will not have a negative impact. "Brown said, "Other factors, such as the emergence of e-cigarettes and whether the demand for tobacco leaf in Asia is strong, will have a more significant impact on the future of tobacco leaf production in the United States. ”銆€銆€According to historical data, in 2012, the USDA directly reimbursed tobacco growers US$1.74 billion and issued US$4.11 billion to the original quota holders. The quota holder is the owner of the farm land to which the tobacco leaf quota is allocated. In order to obtain equity interests in long-term payment funds, many quota holders and growers choose to deposit the overpayment funds in financial institutions that provide lump-sum payments (that is, securitize the overpayment funds). As a result, 1.79 billion U.S. dollars in transition payments went to financial institutions.銆€銆€ In 2005, more than 384,000 US dollars of overpayment funds were distributed to quota holders, and producers received approximately 182,600 US dollars. According to information from the US Department of Agriculture, most producers also receive overpayment funds issued to quota holders. Before the tobacco quota buyout, there were more than 38,000 individual flue-cured tobacco quotas and more than 24,000 burley tobacco quotas.銆€銆€&Ldquo;Many quotas have more than one owner. This may be the reason why the amount of overpayment in 2005 was so huge. "Brown said. According to information from the US Department of Agriculture, in January 2005, the transitional payment plan provided payment funds to producers and quota holders of US$287 million and US$667 million, respectively. In 2005, more than 2.1 billion U.S. dollars in disbursements flowed into the rural areas of tobacco-producing states.銆€銆€ Also in 2005, according to the US Department of Agriculture, North Carolina issued $392 million in repayment funds to cigarette manufacturers and quota owners. In contrast, the next large-scale capital expenditure related to the tobacco industry is due to the MSA. Under this agreement, tobacco manufacturers paid US$148 million to the government in 2005. In Kentucky, the second largest tobacco producing state in the United States, tobacco producers and quota holders received US$221 million in payments in 2005. According to the Grand Settlement Agreement, the manufacturer鈥檚 compensation to the Kentucky State Government in 2005 was $112 million.銆€銆€ The transitional payment plan has brought unprecedented funds to a large number of residents in tobacco-producing areas. According to Joe Kim, executive director of the Florence County Economic Development Corporation, producers use transitional funds or one-off funds in a variety of ways, including reducing farmers' debts, upgrading equipment, and diversifying production to retain tobacco farmers. Florence County Economic Development Corporation is located in Pedy District, South Carolina, which is one of the largest tobacco growing areas in the United States. "In Pedie District, planting tobacco leaves is a source of income for many families. It has been a "crop for sale" that farmers can rely on for many years." Jin said, "With the current anti-smoking sentiment and price With the elimination of subsidies and quota systems and the transfer of the cigarette auction market, the economic impact of tobacco is less than in the past. ”銆€銆€ As for the impact of the termination of the transitional payment plan on the economy of rural tobacco-growing areas, it is still too early to discuss. Brown, Davenport and King all believe that this will have minimal impact on the local economy. "Some growers have used transition funds to upgrade their equipment, and some growers may use the last payment to pursue other benefits. "Davenport said," However, I think most non-agricultural quota holders received the lump sum payment from the beginning. Therefore, the termination of this project will not affect the local economy. "銆€銆€ Jin believes that in the face of the decline in cigarette sales and consumption, the transition payment plan provides tobacco farmers with diversified choices. "Some people use transitional remuneration to pay off debts, some use these funds to invest, and some farmers upgrade their agricultural equipment. "He said, "Traditionally, tobacco farmers mostly consume locally. In the first few years of the implementation of the transitional payment plan, the economic multiplier effect has played a substantial role in the local area. ”銆€銆€Davenport & Sons owned 300 acres (1 acre is about 6.07 acres) of farms in the 1960s, and now it has reached 3,600 acres, which can provide diversified daily necessities, including cotton, wheat, soybeans and peanuts. According to Davenport, 240 acres of Virginia flue-cured tobacco were grown on the farm in 2014, up from 200 acres in 2013. He added: “10 years ago, 200 acres was a medium-scale tobacco field; now, this scale is considered a small tobacco field. ”銆€銆€“Over the past 10 years, the overpayment funds have been used for capital improvement of farms and businesses. In the first year of project implementation, we sold about 70% of the quota and received the holder鈥檚 share change notice, and All payments available to tobacco producers during the implementation of the project. "Davenport said.銆€銆€ In 2010, Davenport used part of the overpayment funds obtained to create a modern facility to increase processing capacity and increased the storage of 250,000 bushels (1 bushel equals 27.2 kg) of soybeans. "This new equipment can triple our storage capacity, packing up to 6000-7000 bushels of soybeans in a 10-hour working period. "Davenport said.銆€銆€ Everyone involved in the quota buyout knows that the transition payment plan will end in 2014 and should have planned. Brown said frankly: "In any case, there will always be some people who blindly consume after receiving the funds, and some people will make mistakes in investment and consumption propositions. However, most people will eventually consume, invest, or save money rationally. Everyone will complain about the termination of payment funds, but this result is not unexpected. ”銆€銆€As one of the top economic developers in the United States, Jin also believes that the termination of the transitional payment plan will not cause long-term negative effects on the economy of the tobacco growing community, because the recipient knows that the plan will definitely be terminated.銆€銆€Davenport said that he did not feel that the termination of the overpayment plan would have an impact on his business. This project "is a huge victory for tobacco producers and landowners." "He doesn't want to see the end of the transitional payment plan. He believes that this project is of great significance for farmers to leave the shrinking tobacco industry. Davenport said: "If farmers are not open to diversification and change, they will not be able to survive the free market. ”

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According to Tobacco Online, Oriental Tobacco.com reported that 銆€銆€ after ten years of supporting tobacco farmers, the US tobacco quota buyout project has completed the final verification.銆€銆€ According to most industry insiders, the U.S. Tobacco Transition Payment Program (TTPP) has achieved its goals. Tobacco growers, producers and landowners have received much-needed funds to help them transition to other agricultural sectors or upgrade equipment. Now that the final payment has been paid, tobacco farmers, economic developers, and the tobacco industry are waiting to see what impact the termination of the tobacco transitional payment plan will have on agricultural production areas, especially on the production of tobacco leaves in the United States.銆€銆€ With the termination of the U.S. Tobacco Support Program in 2004, as a federal initiative, the Tobacco Transitional Payment Program was launched to help tobacco quota holders and manufacturers turn to the free market. This project, also known as the Tobacco Quota Buyout Program, has provided bridging payment funds for 10 years. All quota holders can get compensation of $7 per pound (1 pound is about 0.45 kg) of tobacco leaves. Funds for this project come from domestic tobacco manufacturers and exporters in the United States, and are collected quarterly based on the assessment of each company.銆€銆€According to Blake · Brown, professor of economics at North Carolina State University, from 2005 to 2014, nearly US$9.6 billion in overpayment funds have had an important impact on the agricultural economy of tobacco-growing states. However, the practice of some tobacco farmers using overpayment funds to supplement tobacco production also raises concerns: once the payment of funds is stopped, tobacco farmers may leave the tobacco industry. "The tobacco transitional payment plan cannot meet all the requirements for tobacco leaf production. The only reason for tobacco farmers to continue to engage in tobacco leaf production is that they think it is profitable. "Brown said.銆€銆€According to the information of the United States Department of Agriculture (USDA), many recipients of overpayment funds retire immediately after receiving the funds. In 2005, a large number of farmers gave up tobacco quotas. The results of the agricultural census showed that the number of tobacco farmers dropped from about 57,000 in 2002 to 16,234 in 2007. The results of the 2012 census showed that the number of tobacco farms was reduced to 9,626.銆€銆€&Ldquo;The decrease in the number of tobacco farmers is partly due to the way tobacco producers are defined in the tobacco project. "During the implementation of the project," Brown said: "During the implementation of the project, if quota holders who do not produce and growers who use their quota share tobacco, such quota holders will also be recognized as tobacco farmers. "銆€銆€The reason for the decline in the number of tobacco farmers is also those farmers who withdrew from tobacco production and turned to non-agricultural jobs. "Some farmers only spend part of their time growing tobacco, especially burley tobacco. "Brown said.銆€銆€ Davenport & Davenport, a spokesman for the parent company, said: 鈥淚n terms of tobacco leaf production, people鈥檚 decision to grow tobacco will be based on expected returns, rather than overpayment of funds. "The Davenport family is a five-generation tobacco family from Greenville, North Carolina, USA.銆€銆€&Ldquo;I have never seen any tobacco grower base its decision on whether to produce or not based on the overpayment of funds. "Davenport said, "Changes in the market, labor challenges, increasing regulations and requirements for keeping records, these factors will all have an impact on the acreage. Fearing that tobacco farmers once again fled the tobacco industry on a large scale, a large amount of investment is now being used in specialized tobacco growing equipment. "銆€銆€ Brown believes that other variables will have a greater impact on the future of tobacco planting in the United States. "There are many factors that will have a greater potential impact on American tobacco production, but the termination of the overpayment plan will not have a negative impact. "Brown said, "Other factors, such as the emergence of e-cigarettes and whether the demand for tobacco leaf in Asia is strong, will have a more significant impact on the future of tobacco leaf production in the United States. ”銆€銆€According to historical data, in 2012, the USDA directly reimbursed tobacco growers US$1.74 billion and issued US$4.11 billion to the original quota holders. The quota holder is the owner of the farm land to which the tobacco leaf quota is allocated. In order to obtain equity interests in long-term payment funds, many quota holders and growers choose to deposit the overpayment funds in financial institutions that provide lump-sum payments (that is, securitize the overpayment funds). As a result, 1.79 billion U.S. dollars in transition payments went to financial institutions.銆€銆€ In 2005, more than 384,000 US dollars of overpayment funds were distributed to quota holders, and producers received approximately 182,600 US dollars. According to information from the US Department of Agriculture, most producers also receive overpayment funds issued to quota holders. Before the tobacco quota buyout, there were more than 38,000 individual flue-cured tobacco quotas and more than 24,000 burley tobacco quotas.銆€銆€&Ldquo;Many quotas have more than one owner. This may be the reason why the amount of overpayment in 2005 was so huge. "Brown said. According to information from the US Department of Agriculture, in January 2005, the transitional payment plan provided payment funds to producers and quota holders of US$287 million and US$667 million, respectively. In 2005, more than 2.1 billion U.S. dollars in disbursements flowed into the rural areas of tobacco-producing states.銆€銆€ Also in 2005, according to the US Department of Agriculture, North Carolina issued $392 million in repayment funds to cigarette manufacturers and quota owners. In contrast, the next large-scale capital expenditure related to the tobacco industry is due to the MSA. Under this agreement, tobacco manufacturers paid US$148 million to the government in 2005. In Kentucky, the second largest tobacco producing state in the United States, tobacco producers and quota holders received US$221 million in payments in 2005. According to the Grand Settlement Agreement, the manufacturer鈥檚 compensation to the Kentucky State Government in 2005 was $112 million.銆€銆€ The transitional payment plan has brought unprecedented funds to a large number of residents in tobacco-producing areas. According to Joe Kim, executive director of the Florence County Economic Development Corporation, producers use transitional funds or one-off funds in a variety of ways, including reducing farmers' debts, upgrading equipment, and diversifying production to retain tobacco farmers. Florence County Economic Development Corporation is located in Pedy District, South Carolina, which is one of the largest tobacco growing areas in the United States. "In Pedie District, planting tobacco leaves is a source of income for many families. It has been a "crop for sale" that farmers can rely on for many years." Jin said, "With the current anti-smoking sentiment and price With the elimination of subsidies and quota systems and the transfer of the cigarette auction market, the economic impact of tobacco is less than in the past. ”銆€銆€ As for the impact of the termination of the transitional payment plan on the economy of rural tobacco-growing areas, it is still too early to discuss. Brown, Davenport and King all believe that this will have minimal impact on the local economy. "Some growers have used transition funds to upgrade their equipment, and some growers may use the last payment to pursue other benefits. "Davenport said," However, I think most non-agricultural quota holders received the lump sum payment from the beginning. Therefore, the termination of this project will not affect the local economy. "銆€銆€ Jin believes that in the face of the decline in cigarette sales and consumption, the transition payment plan provides tobacco farmers with diversified choices. "Some people use transitional remuneration to pay off debts, some use these funds to invest, and some farmers upgrade their agricultural equipment. "He said, "Traditionally, tobacco farmers mostly consume locally. In the first few years of the implementation of the transitional payment plan, the economic multiplier effect has played a substantial role in the local area. ”銆€銆€Davenport & Sons owned 300 acres (1 acre is about 6.07 acres) of farms in the 1960s, and now it has reached 3,600 acres, which can provide diversified daily necessities, including cotton, wheat, soybeans and peanuts. According to Davenport, 240 acres of Virginia flue-cured tobacco were grown on the farm in 2014, up from 200 acres in 2013. He added: “10 years ago, 200 acres was a medium-scale tobacco field; now, this scale is considered a small tobacco field. ”銆€銆€“Over the past 10 years, the overpayment funds have been used for capital improvement of farms and businesses. In the first year of project implementation, we sold about 70% of the quota and received the holder鈥檚 share change notice, and All payments available to tobacco producers during the implementation of the project. "Davenport said.銆€銆€ In 2010, Davenport used part of the overpayment funds obtained to create a modern facility to increase processing capacity and increased the storage of 250,000 bushels (1 bushel equals 27.2 kg) of soybeans. "This new equipment can triple our storage capacity, packing up to 6000-7000 bushels of soybeans in a 10-hour working period. "Davenport said.銆€銆€ Everyone involved in the quota buyout knows that the transition payment plan will end in 2014 and should have planned. Brown said frankly: "In any case, there will always be some people who blindly consume after receiving the funds, and some people will make mistakes in investment and consumption propositions. However, most people will eventually consume, invest, or save money rationally. Everyone will complain about the termination of payment funds, but this result is not unexpected. ”銆€銆€As one of the top economic developers in the United States, Jin also believes that the termination of the transitional payment plan will not cause long-term negative effects on the economy of the tobacco growing community, because the recipient knows that the plan will definitely be terminated.銆€銆€Davenport said that he did not feel that the termination of the overpayment plan would have an impact on his business. This project "is a huge victory for tobacco producers and landowners." "He doesn't want to see the end of the transitional payment plan. He believes that this project is of great significance for farmers to leave the shrinking tobacco industry. Davenport said: "If farmers are not open to diversification and change, they will not be able to survive the free market. ”

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