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The Agricultural Act of 2014 was signed into law on February 17, 2014 by President Obama. The Act, widely referred to as the 2014 Farm Bill, introduces major changes in many U.S. farm programs that are important for farm and ranch owners and managers in Wyoming. Under the provisions of the 2014 Farm Bill, several long standing programs related to farmers’ and ranchers’ risk management decisions that have been widely used by Wyoming agricultural producers were terminated or are being phased out while several new programs have been introduced.
Three important new programs for Wyoming farms and ranches are then described. These are the Price Loss Coverage (PLC) program, the Agricultural Risk Coverage (ARC) program and an insurance program called the Supplementary Coverage Insurance Option (SCO). Under the PLC, payments to crop producers are triggered by relatively low crop prices. Under the ARC, payments to crop producers are triggered by relatively low per acre crop revenues.
On a crop by crop basis, owners and operators are required to make a one-time decision for the entire duration of the 2014 Agricultural Act (which applies to the 2014-2018 crop years) about whether to participate in the PLC or the ARC program.
This policy issues paper identifies and briefly describes the major programs affecting crop producers that were terminated or are being phased out under the provisions of the 2014 Agricultural Act.
Click here to view the bulletin or to download a copy to your computer.
For more information on the Supplemental Agricultural Disaster Programs contact a local Farm Service Agency Office or visit the FSA online at: http://www.fsa.usda.gov/FSA.
Title: Risk Management for Wyoming Ranches: The Supplemental Federal Agricultural Disaster Programs
Authors: Vincent H. Smith, James B. Johnson, (Montana State University) and John P. Hewlett, University of Wyoming Ranch/Farm Management Extension Specialist.
