U.S. Department of Agriculture’s Farm Service Agency Fred Harrison, Jr. reminds producers of upcoming important deadlines for the new safety-net programs established by the 2014 Farm Bill, known as Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC). The final day to update yield history or reallocate base acres is Feb. 27, 2015, and the final day for farm owners and producers to choose coverage is March 31, 2015.
“These programs provide financial protection against unexpected changes in the marketplace, so now is the time to have those final conversations, to ask any remaining questions, and to visit the Farm Service Agency to make these decisions,” said Harrison.
“For the first time in many years, farmers have the opportunity to update yields or reallocate base, but if no changes are made by February 27, the farm’s current yield and base will be used,” said Harrison. “If no program election occurs by March 31, then there will be no 2014 payments for the farm and the farm will default to PLC coverage through the 2018 crop year.”
Nationwide, more than 3,500 training sessions have been conducted on the new safety-net programs. The online tools, available at www.fsa.usda.gov/arc-plc, allow producers to explore projections on how ARC or PLC coverage will affect their operation under possible future scenarios.
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