Key Dates for Farm Programs

• September 30, 2014
• Paul Neiffer

The FSA has posted on their website the updated key dates for ARC and PLC sign up as follows:

• The reallocation of base acres and updating of payment yields (for PLC) started yesterday (September 29, 2014) and will extend until February 27, 2015.  Although the option to update payment yields is strictly for PLC election, it will still make sense for farmers to update their yields if they are higher than the yields reported on the FSA letter sent out about two months ago.  Future farm programs will most likely continue to use these yields, so the higher you can report, the more likely to receive greater benefits.
• The election between ARC and PLC will be made beginning November 17, 2014 and ending March 31, 2015.  By the end of March, we will have extremely good idea as to the final estimated MYA price for corn, beans, wheat and other covered commodities.  This will allow us to determine the estimated payment for 2014 crops and have a better handle on potential payments for 2015 crops will end up.  Remember for ARC, it uses an Olympic year average and the “guarantee” price for both 2014 and 2015 for corn and soybeans will be the same.
• The actual enrollment for ARC and PLC will occur sometime during Mid April to Mid Summer.  They have not pinned down those dates any further yet.

Since there will be no payments until after September 30, 2015, it is critical not to get in a hurry to sign up for ARC/PLC, however, I would not wait until March 31 to make your election.  FSA offices will be swamped around that date.  Most likely, Mid-March will be a good time to sign up.

We will keep  you posted.

Paul Neiffer, CPA

 

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