By Scout Nelson
Ron Haugen, a farm management specialist at North Dakota State University Extension, emphasizes the importance of producers making their Agricultural Risk Coverage-County (ARC-CO) or Price Loss Coverage (PLC) program elections by March 15 for the 2024 crop year.
With the farm bill extension, this year's election holds greater importance due to the introduction of an effective reference price formula for major crops. This formula has resulted in increased reference prices, with soybeans jumping from $8.40 to $9.26, and corn from $3.70 to $4.01.
ARC offers income support payments when actual crop revenue falls below a guaranteed level, whereas PLC provides support when national prices for covered commodities drop below their effective reference price. These commodities include a range of crops like barley, corn, soybeans, wheat, and more.
To assist producers in this crucial decision-making process, NDSU Extension has developed online tools available at their farm management website. These tools are designed to guide producers through the nuances of the ARC-PLC decision.
Producers are advised to contact their local Farm Service Agency (FSA) office to make their election. This decision is important for effectively managing agricultural risks and maximizing income support under the current farm bill provisions.
Photo Credit - north-dakota-state-university
Categories: North Dakota, Crops, Government & Policy