Well, they aren't paying out right now, but farmers can now enroll and change their acreage election for the 2023 Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC).
Signup actually began on Monday, but goes until March 15, 2023.
USDA stated the department has started issuing payments for the 2021-22 crops. Payments were triggered for about $255 million through ARC or PLC.
The final marketing year price for 2021-22 corn was $6 a bushel and soybeans came in at $13.30. Both were well above the PLC reference prices.
ARC payments could have been generated for some counties that came in with low yields. For instance, some ARC payments were generated in Colorado counties because of low yields for wheat and corn. Montana oats, wheat, barley, chickpeas, mustard seeds and other crops generated ARC-County payments as well.
More details on payment rates by county can be found on an Excel spreadsheet under "2021 Program Year" https://www.fsa.usda.gov/…
USDA data on program acreage for 2022:
Corn: More than 54.7 million acres are enrolled in ARC and 35.7 million acres are enrolled in PLC. Another 1.3 million acres are enrolled in ARC-Individual.
Soybeans: More than 44 million acres are enrolled in ARC and 7.5 million acres are enrolled in PLC.
Wheat: Nearly 26.2 million acres are enrolled in ARC and 31.5 million acres are enrolled in PLC.
More information can be found at https://www.fsa.usda.gov/…
Chris Clayton can be reached at Chris.Clayton@dtn.com
Follow him on Twitter @ChrisClaytonDTN
(c) Copyright 2022 DTN, LLC. All rights reserved.