News
Crop insurance expert walks farmers through ARC/PLC decision
The Vice President of Crop Insurance for Farm Credit Illinois says there have been a lot of questions from farmers deciding between the Agriculture Risk Coverage and Price Loss Coverage programs this year.
Jack Young tells Brownfield it can be difficult to make a decision based on a 2021 marketing year average price that does not start until September 1st of this year.
“We have got to look at that reference price on the PLC side, $3.70 for corn and $8.40 for soybeans. Do you believe that price is going to fall below that level and if so, that is your choice program for the 2021 year.”
On the ARC side, he recommends working with a crop insurance agent to find dollar trigger levels based on the market year average price and county yields.
“Once you know those trigger levels then you can begin to run scenarios for your county- look at historical information as far as county yields and price – and see if there are combinations that would maybe trigger an ARC payment.”
March 15th is the deadline for the ARC and PLC programs through your local Farm Service Agency office as well as crop insurance decisions.
