Tyron Spearman has information on two financial assistance programs deadlines approaching. Tyron also tells us what happens if producers do not sign up for one of these programs.
The Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs were authorized by the 2014 Farm Bill.
Agriculture Loss Coverage-County (ARC-CO)
The ARC-CO program provides revenue loss coverage at the county level. ARC-CO payments are issued when the actual county crop revenue of a covered commodity is less than the ARC-CO guarantee for the covered commodity.
Price Loss Coverage (PLC)
PLC program payments are issued when the effective price of a covered commodity is less than the respective reference price for that commodity. The effective price equals the higher of the market year average price (MYA) or the national average loan rate for the covered commodity.