ARC Will Probably Pay More Than PLC for 2024 Crops
Unless prices drop well below the Effective Reference Price for the 2024, ARC is likely to pay more than PLC.
The 2018 Farm Bill got rolled forward for another year, therefore, we have the same rules for ARC and PLC for the 2024 crop. Farmdoc Daily provided a very nice summary of the effective reference prices (EFR) for corn, soybeans and wheat for the 2024 crop. For the first time ever, we have an increase in the EFR for corn and soybeans for 2024.