3 weeks ago in Agriculture tomr Photo: WNAX
Farmers have until March 15 to make their 2020-21 farm program elections. University of Illinois economist Dr. Gary Schnitkey says farmers must decide between Agriculture Risk Coverage or Price Loss Coverage for this crop year or they will divert back to the election they made in the 2019-20 season. He says they are making some general recommendations to farmers based on current conditions and prices.
He says the PLC program pays when prices are expected to be lower and is based on reference prices. The ARC County program is a revenue-based program that takes into consideration the County Benchmark Yields and price to figure a county revenue and if payments will be made. So, he says farmers should keep that in mind when making their election.