Farm owner can apply for Price Loss Coverage
The U.S. Agriculture Department’s Farm Service Agency is reminding farm owners that they have a one-time opportunity to update Price Loss Coverage program yields for covered commodities on the farm.
The deadline is Sept. 30 to update yields, which are used to calculate the PLC payments for 2020 through 2023. Additionally, producers who elected Agriculture Risk Coverage should also consider updating their yields.
“The last time farmers could update yields for these important safety-net programs was in 2014,” said FSA Administrator Richard Fordyce. “It is the farm owner’s choice whether to update or keep existing yields. So, if you rent, you’ll need to communicate with your landlord who will be the one to sign off on the yield updates.”
Updating yields requires the signature of one owner on a farm and not all owners. If a yield update is not made, no action is required to maintain the existing base crop yield on file with FSA.
For program payments, updated yields will apply beginning with the 2020 crop year which, should payments trigger, will be paid out in October 2021.