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Farm Programs & Insurance

With the Agriculture Act of 2014, the farm bill, signed into law, Texas farmers should now be looking ahead at the impact the new legislation could have on their farms.

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Farm bill and insurance decision aid

The National Association of Agricultural and Food Policy, led by the Agricultural and Food Policy Center at Texas A&M University and the Agricultural Policy Research Institute at the University of Missouri have released its farm bill and insurance decision aid tool for farmers. The tool is now available online HERE.

The decision aid was developed with financial assistance from the USDA, Texas Corn Producers, and others.

Farmers should review THIS DOCUMENT prior to beginning to work with the decision aid, as it will outline the resources farmers need on hand.

The TCP staff is available as an additional resource to corn farmers needing assistance working with the tool. The TCP is available toll free at 800.647.CORN(2676) or tcpb@texascorn.org.

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The TCP has compiled a brief, two-page overview of the key elements of the new farm bill that are relevant to farmers. ACCESS THIS FACT SHEET HERE.

Additionally, the Agricultural and Food Policy Center at Texas A&M University has prepared a general overview of the 2014 farm bill, which is available online HERE.

USDA unveils key new programs to help farmers manage risk

The U.S. Department of Agriculture has unveiled its highly anticipated new programs to help farmers better manage risk, ushering in one of the most significant reforms to U.S. farm programs in decades. Along with these programs, new tools are now available to help provide farmers the information they need to choose the new safety net program that is right for their business.

The new programs, Agricultural Risk Coverage (ARC) and Price Loss Coverage (PLC), are cornerstones of the commodity farm safety net programs in the 2014 Farm Bill, legislation that ended direct payments. Both programs offer farmers protection when market forces cause substantial drops in crop prices and/or revenues. Producers will have through early spring of 2015 to select which program works best for their businesses.

Starting Monday, Sept. 29, 2014, farm owners may begin visiting their local USDA – Farm Service Agency offices if they want to update their yield history and/or reallocate base acres, the first step before choosing which new program best serves their risk management needs. Letters sent this summer enabled farm owners and producers to analyze their crop planting history in order to decide whether to keep their base acres or reallocate them according to recent plantings. (Additionally, farmers are encouraged to use resources such as the decision aid below that can help with this.)

The next step in USDA’s safety net implementation is scheduled for this winter when all producers on a farm begin making their election, which will remain in effect for 2014-2018 crop years between the options offered by ARC and PLC.

Read the USDA’s announcement HERE. Additional information from USDA related to the farm bill is available HERE.

 

If you have questions regarding the farm programs or insurance, please feel free to use the Texas Corn Producers as a resource and CONTACT US.

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