A milk loss payment may be made to an affected farmer who is determined by the FSA county committee to be in compliance with all the terms and conditions of this subpart in the amount equal to 75 percent of the fair market value of the farmer's normal marketings for the application period, less:

(a) Any amount he received for whole milk marketed during the applications period; and

(b) Any payment not subject to refund which he received from a milk handler with respect to whole milk removed from the commercial market during the application period.