For producers wanting to make elections and enroll in the ARC or PLC program, the sign-up period is open through March 15, 2024. It is encouraged to work with the local USDA county Farm Service Agency (FSA) office to complete this process.

• ARC provides income support payments on historical base acres when actual crop revenue declines under a specific guaranteed level.

• PLC provides income support payments on historical base acres when the effective price for a covered commodity falls below its effective reference price.

For growers with multi-year contracts, coverage will continue for 2024 unless an election change is made, this must be done by the March 15 deadline. If these changes are not made timely, elections will default to the current election for the crops on the farm from the previous crop year. Research and speak with your FSA office to learn more about these programs. Included in this article please find the Farm Service Agency U.S. Department of Agriculture Fact Sheet.

As previously mentioned in the ECO and SCO blog post: If a grower elects the SCO endorsement on their crop insurance policy and enrolls in ARC, the SCO will be canceled. However, the underlying insurance policy will still be in effect. Meaning, you can’t have SCO and ARC on the same crop.  We also recommend reviewing your crop insurance policy and the enrollment elections prior to the March 15 Sales Closing Deadline and Enrollment Deadline (NOTE: same day).  

Price Discovery Period

The projected price is determined in February using the monthly average of new crop futures prices for (December) corn and (November) soybeans along with the market volatility factor. Once the average is calculated at the end of February, RMA will release the “Spring Price or Projected Price” which combined with yield history, this price and yield determine the level of revenue protection available for the upcoming growing season. Currently, the futures are lower for both corn and soybeans from the 2023 price discovery period. Once these figures have been established (monthly average trade days after February 29 Leap Day) this price will be announced, and you will know what price is being used for crop insurance purposes.

Sales Closing Deadline

Multi-Peril Crop Insurance is the general name given to crop coverage provided through the Federal Crop Insurance Corporation (FCIC). As the name suggests, these policies provide coverage to producers and policyholders for several natural occurring perils. A crop insurance contract is a commitment between insured farmers and the Approved Insurance Provider (AIP). Under this contract, the insured agrees to insure eligible acreage of a crop planted in the county. This choice is made by crop and county and is contingent upon purchasing. The application is the first step in the crop insurance cycle. This form is used to apply for insurance coverage in a specific state and county that identifies key information required to carry crop insurance. During the application process, it is necessary to report both timely and accurate information to ensure the coverage in place reflects the farming operation. Failure in the process can have negative results during the growing season and claims process; remaining diligent can reduce the risk of future issues. While there are several sales closing dates throughout the year, most common in the Midwest for annual crops are March 15 and September 30.

If you have any questions regarding crop insurance or closing dates, please feel free to reach out to CropInsurance@PeoplesCompany.com or call 855.800.LAND.