USDA issues safety-net payments to farmers facing market downturn

From USDA

WASHINGTON — The U. S. Department of Agriculture announced that nearly one half of the 1.7 million farms that signed up for either the Agriculture Risk Coverage — ARC — or Price Loss Coverage — PLC — programs will receive safety-net payments for the 2014 crop year.

“Unlike the old direct payments program, which paid farmers in good years and bad, the 2014 Farm Bill authorized a new safety-net that protects producers only when market forces or adverse weather cause unexpected drops in crop prices or revenues,” said Agriculture Secretary Tom Vilsack. “For example, the corn price for 20...