Topics for consideration in the farm bill are starting to take shape. According to reports from Capitol Hill, one likely change in the 2023 farm bill will be the reference prices under the Price Loss Coverage (PLC) program, which are likely to get updated to reflect current markets. The PLC program was created in the 2014 farm bill, along with the Ag Risk Coverage (ARC) program. PLC reference prices were set in the 2014 farm bill and haven’t been adjusted. The charts below show the evolution of commodity prices against the reference prices from the MY 2014/15 average price through the MY 2022/23 projected average.
ARC The ARC program provides payments tied to historical base acres, not current production, of covered...
What You Need to Know Today: Commodities were mostly lower across the board today after yesterday’s Federal Reserve meeting hinted at a potential interest rate hike later in 2026. The dollar index reached its highest level in over a year, and a strong dollar makes U.S. agricultural expor...
The U.S.-Mexico-Canada Agreement (USMCA) enters its mandated six-year review on 1 July. The original intent of the review is outlined in Article 34.7, which obligates members to: Provide recommendations and decide on appropriate actions. Extend the USMCA for another 16 years and meet aga...
