Expanding the Farm Income Safety Net
When the 2018 Farm Bill was passed in December, producers were looking ahead to implementation and thinking of the coming decision between enrollment under the Agricultural Risk Coverage (ARC) program or the Price Loss Coverage (PLC) program. With continued low price projections at the time, the safety net decision may have seemed relatively straight-forward. Now, with all of the weather and market challenges in 2019 coupled with ad hoc assistance expected from the federal government, the safety net and the decisions related to it have become exceedingly complex. A look at the wide and expanding safety net for crop producers provides perspective and management insight in the wake of current production and marketing challenges.
In the June 12 Cornhusker Economics the author goes on to discuss key programs in the farm safety net, including commodity programs, crop insurance, standing disaster assistance, ad hoc disaster assistance, and ad hoc trade assistance.