Deadline to elect ARC or PLC March 15th
Farmers have until March 15th to make commodity title program selections for 2022.
Farm management analyst Kent Thiesse with MinnStar Bank in southern Minnesota says Agriculture Risk Coverage and Price Loss Coverage payments will be based on corn and soybean prices between September 2022 through August 2023.
“So you’re (basically) doing something for this year’s crop based on future prices, so it always gets a little dicey to kind of calculate that out.”
He tells Brownfield because of current prices, the odds of earning a price-only PLC payment or revenue-based ARC-County payment is slim.
“Realistically if you’re going to kick in on an ARC-County payment, you’re going to have to have a 20 to 30 percent yield drop.”
This year’s reference prices are $3.70 for corn and $8.40 for soybeans.