Growers have one additional week, until April 7, to select their crop-subsidy program for the life of the 2014 farm law. They must choose between the insurance-like Agricultural Risk Coverage, which shields growers from declines in crop revenue, and the traditional Price Loss Coverage, which guarantees a minimum price. The USDA announced the one-week extension, saying 10 percent of likely farm-program participants had not made a decision as of last week.
“This additional week will give producers a little more time to have those final conversations, review their data, visit their local Farm Service Agency offices, and make their decisions,” said Agriculture Secretary Tom Vilsack in a statement. It also would allow farmers to assess the USDA’s forecasts of crop plantings for this year and its estimate of corn, wheat and soybean supplies as of March 1. Farmers who do not select either ARC or PLC lose eligibility for 2014 crop subsidies, and automatically are enrolled in PLC for their 2015-18 crops.
ARC is expected to be popular among corn and soybean growers, while wheat, rice and peanut growers would prefer PLC, according to analysts.