For the upcoming 2023 production year, producers once again have the opportunity to select which Farm Bill program will work best for their farms. Will it be Price Loss Coverage (PLC) or Agricultural Loss Coverage (ARC) for your farm?
Answering that question is a bit more complex when considering the importance of crop insurance options that tie into farm bill programs. The Supplemental Coverage Option (SCO) and the Enhanced Coverage Option (ECO) are key factors in determining which program may be best. These county-based revenue insurance additions would be on top of what producers have selected for individual coverage on their farms, up to 86% for SCO and from 86% up to 95% with ECO.
On January 17, 2023, at 11:00 a.m. and again on February 21, 2023, at 6:30 p.m., experts from Michigan State University Extension and Eagle Valley Ag Risk Advisors, LLC will provide you with the best information to help you evaluate your risk and make your Farm Bill decisions.
At these meetings, producers will:
- Hear highlights from the 2023 decisions and how those decisions played out across the state.
- Learn the latest in policy and the impacts of programs.
- Learn about current and new crop insurance options available to you.
- Work through case examples using the MSU Extension Farm Bill Calculator to help make better decisions on ARC versus PLC as each crop and FSA farm number may result in a different choice.
- Discuss specific program details with experts.
- Molly Sears, Assistant Professor, Michigan State University Department of Agricultural, Food, and Resource Economics.
- Roger Betz, Michigan State University Extension Senior Educator.
- Jon LaPorte, Michigan State University Extension Educator.
- Elliot Alfredson, Eagle Valley Ag Risk Advisors, LLC.