Update on 2024 ARC & PLC Payments

A better chance for 2024 ARC & PLC payments after last week's USDA reports

Photo by Michael Kirsh on Unsplash

Last Friday USDA issued two reports that were bearish for corn especially. They increased plantings by almost 2 million acres and increased the current supply of corn by 120 million bushels. Also, farmers’ supply of corn on farm is much higher than in previous years.

Based on these reports and the current trend in prices, we will see an increase in ARC or PLC payments over prior few years and in some cases, the payments may hit the ARC payment maximum of 10% of benchmark revenue.

Here is a webinar on how these payments are calculated and what we might see for payments for many of the major crops.