(LINCOLN, Neb.) – Nebraska USDA Farm Service Agency (FSA) Executive Director Dan Steinkruger said today that Nebraska farms enrolled in safety-net programs established by the 2014 Farm Bill will soon receive about $645 million in financial assistance for the 2015 crop year. The programs, known as Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC), are designed to protect against unexpected drops in crop prices or revenues due to market downturns.
“These safety-net programs provide help when price and revenues fall below normal, unlike the previous direct payments program that provided funds even in good years,” said SED Steinkruger. “These payments will help provide assistance to Nebraska farm families, who are facing low commodity prices.”
Statewide, 85,000 farms enrolled in the ARC-County and PLC programs. Farmers had the option to select which programs to enroll in, by commodity. Nebraska farmers enrolled roughly 95 percent of corn acres and 97 percent of soybean acres in the ARC-County program. About two-thirds of wheat and grain sorghum acres were enrolled in the ARC-County program.
Under the ARC-County program, SED Steinkruger said, both commodity price and yield play a role in the payment formula.
“Payments by county can vary because average county yields will differ,” he said.
Details on the price and yield information used to calculate the financing assistance from the safety-net programs are available on the FSA website at www.fsa.usda.gov/arc-plc.