Now that the Agricultural Act of 2014 is law, farmers can get to work planning for the future with the multiple choices offered.
After an initial analysis, Ohio State University ag economist Carl Zulauf compiled an overview of some of the key components of the farm bill safety net to consider with the newly passed bill. There is still much debate ahead for the farm bill as the details of its implementation are hashed out. Here are excerpts from Zuluaf’s initial overview:
Title 1. Commodity Programs
• Direct payments are repealed except for reduced transition payments to cotton.
• Programs authorized for the 2014-2018 crop years and through Dec. 31, 2018 for dairy.
• A crop farm has a one-time, irrevocable opportunity to elect either Price Loss Coverage (PLC) or county Agricultural Risk Coverage (ARC) on a crop by crop basis. The producer may also elect individual farm ARC, but this election applies to the entire farm.… Continue readingRead More »