Farmers Now Have Until March 31 to Update Yields and Reallocate Base Acres; Deadline for Choosing Between ARC and PLC also Remains March 31
Agriculture Secretary Tom Vilsack announced today that a one-time extension will be provided to farmers for the new safety-net programs established by the 2014 Farm Bill, known as Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC). The final day to update yield history or reallocate base acres has been extended one additional month, from Feb. 27, 2015 until March 31, 2015. The final day for farm owners and producers to choose ARC or PLC coverage also remains March 31, 2015.
"This is an important decision for producers, because these programs provide financial protection against unexpected changes in the marketplace. Producers are working to make the best decision they can. And we're working to ensure that they've got the time, the information, and the opportunities to have those final conversations, review their data, and to visit the Farm Service Agency to make those decisions," said Vilsack.
If no changes are made to yield history or base acres by March 31, 2015, the farm's current yield and base will be used. A program choice of ARC or PLC coverage also must be made by March 31, 2015, or there will be no 2014 payments for the farm and the farm will default to PLC coverage through the 2018 crop year.
"These are complex decisions, which is why we launched a strong education and outreach campaign back in September. Now we're providing a one-time extension of an additional month so that every producer is fully prepared to enroll in this program," said Vilsack.
For most Illinois farmers, updating base acres and program yields to reflect the most corn acres will do a better job of protecting against risky situations and guaranteeing revenue levels that will keep your farm afloat. If you were previously planning to use your farm’s current yield and base, please reconsider!
Check out these resources that will help you better understand the decisions you need to make by Feb 27 and March 31.
FARM BILL CALCULATOR: download this tool to input information about your farm and your future outlook to determine the decisions that will work best for you.
IL CORN WEBINAR: This recording of the Farm Bill webinar held in late January can help you better understand the options ahead of you.
OUR FARM BILL HEADQUARTERS: We have listed many resources, articles, and ideas for you to consider when making these decisions. Check them all out here!