FSA released final 2014 MYA for most of the major Midwest crops last week and as expected, none of these crops will qualify for a 2014 PLC payment. Corn ended at $3.70 per bushel which is exactly equal to the statutory reference price of $3.70. Soybeans ended at $10.10 which is $1.70 higher than the $8.40 reference price and sorghum ended at $4.03 which was 8 cents higher than the $3.95 reference price.
When you see nice round numbers such as $3.70, you sometimes wonder how accurate this number is. Was the real number closer to $3.66 and USDA just elected to round it up to $3.70. We will never know. The bottom line so far is that none of the crops with final prices will receive any PLC payments for the 2014 crop year other than peanuts which will receive a 4.75 cent per pound payment. The only remaining crops with projected PLC payments are:
- Canola and
- Long Grain Rice
We are still waiting for final yields to be released. In prior years these yields were released much earlier in the year. Rumors are the yields are delayed to account for sequestering issues and other budget considerations.