By Jonathan LaPorte
New data has emerged from the USDA on payment rates for both Price Loss Coverage (PLC) and Agriculture Risk Coverage (ARC-CO) programs. Estimated payments for corn, soybeans and wheat for 2024 are available, although market-year-average (MYA) pricing for corn and soybeans won’t be finalized until September. For Michigan field crop growers, there is no support expected from PLC and limited aid provided by ARC-CO. Depending on the crop, levels of support will vary in the ARC-CO program.
The lack of substantial support highlights why a number of reforms were included in recent legislation for both programs. But in order to better understand program adjustments, it’s important to recognize what factors influence payment rates.
Price Loss Coverage (PLC)