No PLC payments generated for soybeans, dry peas and lentils
Eligible producers will be receiving payments under the Price Loss Coverage (PLC) program for 2015 crops of corn, grain sorghum and canola, but no PLC payments will be generated for 2015 crops of soybeans, dry peas and lentils.
2015 PLC Payment Rates. The following table provides the PLC payment rates for corn, grain sorghum, soybeans, dry peas, canola, and lentils:
Item | Corn | Grain Sorghum | Soybeans | Dry Peas | Lentils | Canola |
Dollars Per Bushel | Dollars per Pound | |||||
Reference Price | 3.70 | 3.95 | 8.40 | 0.11 | 0.1997 | 0.2015 |
National Loan Rate | 1.95 | 1.95 | 5.00 | 0.0540 | 0.1128 | 0.1009 |
Marketing Year Average (MYA) Price | 3.61 | 3.31 | 8.95 | 0.1280 | 0.3100 | 0.1560 |
Higher of Loan Rate or MYA Price | 3.61 | 3.31 | 8.95 | 0.1280 | 0.3100 | 0.1560 |
PLC Payment Rate | 0.09 | 0.64 | 0.00 | 0.00 | 0.00 | 0.0455 |
Agriculture Risk Coverage – County (ARC-CO) Actual Revenue for Corn, Grain Sorghum, Soybeans, Dry Peas, Canola, and Lentils: The ARC-CO actual crop revenue is calculated by multiplying the actual average county yield for the covered commodity times the higher of either of the following:
- MYA price for the covered commodity
- national loan rate for the covered commodity.
The following table provides the national loan rate and MYA price for corn, grain sorghum,soybeans, dry peas, canola, and lentils.
Item | Corn | Grain Sorghum | Soybeans | Dry Peas | Lentils | Canola |
Dollars Per Bushel | Dollars per Pound | |||||
National Loan Rate | 1.95 | 1.95 | 5.00 | 0.0540 | 0.1128 | 0.1009 |
MYA Price | 3.61 | 3.31 | 8.95 | 0.1280 | 0.3100 | 0.1560 |
Higher of Loan Rate or MYA Price | 3.61 | 3.31 | 8.95 | 0.1280 | 0.3100 | 0.1560 |
Once the yield is known for a specific county and covered commodity, the ARC-CO actual revenue can be determined for corn, grain sorghum, soybeans, dry peas, canola, and lentils.
Agriculture Risk Coverage – Individual (ARC-IC): ARC-IC uses the same higher of the loan rate or MYA price as ARC-CO; however, the actual crop revenue cannot be calculated until:
- the producer(s) reports all production for all covered commodities planted on the farm
- all MYA prices for all covered commodities planted on the farm are known.
Until that time, the ARC-IC actual revenue for the farm cannot be calculated.
Farm program payment timelines:
October 3: Payments will be processed and begin flowing into the National Payment Services (NPS) system for county offices to sign and certify for the Transition Incentives Program (TIP), Emergency Forestry Conservation Reserve Program (CRP) and CRP (contracts approved prior to October 1, 2008) annual rental payments.
October 4: Processing of payments will begin for ARC (where yield data is available and revenue determinations can be made) and PLC for 2015 crops.
October 14: Processing will begin for CRP annual rental payments on contracts approved on or after October 1, 2008, and for contracts approved on or after October 1, 2013.
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