Farm Service Agency or FSA has recently mailed out Summary of Coverage or SOC letters to all producers who purchased 2015 loss coverage under the Non-insured crop disaster Assistance Program or NAP.
The SOC is not a bill, but it does include information regarding the level of coverage for basic and buy-up coverage, guarantee, share, and acres of the 2015 crop or crops with coverage.
The SOC also displays an estimated premium amount for producers who purchased buy-up coverage, but this amount could be slightly different when the actual bill is received. The SOC does not require any action by the producer with NAP coverage.
If there are questions about coverage, please call the FSA office.
The Agriculture Risk Coverage or ARC and Price Loss Coverage PLC programs.
The PLC program payments will be processed in October to all producers with a share of wheat base acres and any planted acres of wheat on Generic base acres — old cotton base acres.
The payment rate has been established at $0.61 per bushel based on the 12-month market year average price or MYA for wheat in the U.S.
PLC program payments are issued when the effective price of a covered commodity is less than the respective reference price for that commodity. The effective price equals the higher of the market year average price or the national average loan rate for the covered commodity.
Since the payment rate has been officially announced, producers can now determine the amount of payment per farm that will be processed in October as follows:
$0.61 (cents per bushel)
X (times) Total of wheat base acres + generic base acres planted to wheat on the farm
X (times) 85 percent (established by procedure)
X (times) FSA yield established on the farm
X (times) Producer share of base acres + generic base acres planted to wheat on the farm
X (times) 7.3 percent sequestration rate
Total PLC payment for 2015 wheat
Note: A payment limitation of $125,000 is applicable, based on the total of ARCPLC payments, Loan Deficiency Payments or LDPs and market loan gains MLG received for 2015.
Sept. 30 – NAP sales closing date for grapes and barley, rye, triticale intended for grain.
Nov. 15 – final date to report all grass acreage — for hay or grazing. Ask about continuous certifications.
Nov. 30 – NAP sales closing date for grass or mixed forage hay and pecans.
Jan. 15 – final date to report all small grain acreage.
March 15 – NAP sales closing date for 2017 warm season grasses and spring or summer crops
For more information about FSA programs or eligibility, contact the Jackson County FSA office at 580-482-4312, ext. 2. Be safe and have a great week.
Reach Carl Josefy at email@example.com or 580-482-4312.