Jim Pease, Professor, Department of Agricultural and Applied Economics, Virginia Tech
*this post has been updated since its original posting on Friday, February 27
I received a question yesterday about choosing PLC vs ARC for the corn commodity program (for explanation of these programs, see http://www.fsa.usda.gov/FSA/webapp?area=home&subject=arpl&topic=landing). Farmers want a straight answer to the question, “Which program should I choose?’ It’s a good question, but doesn’t have an easy answer, since some critical data is as yet unknown. Recently available information may alter the decision for some producers. The message conveyed below is, “Don’t base your ARC/PLC choice only on expected 2014 payments.” I’ll show estimated corn ARC/PLC payments for King William, Northampton and City of Suffolk to demonstrate the message.
Farmers Now Have Until March 31 to Update Yields and Reallocate Base Acres; Deadline for Choosing Between ARC and PLC also Remains March 31
WASHINGTON, Feb. 27, 2015 — Agriculture Secretary Tom Vilsack announced today that a one-time extension will be provided to producers for the new safety-net programs established by the 2014 Farm Bill, known as Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC). The final day to update yield history or reallocate base acres has been extended one additional month, from Feb. 27, 2015 until March 31, 2015. The final day for farm owners and producers to choose ARC or PLC coverage also remains March 31, 2015.
Visit http://www.usda.gov/wps/portal/usda/usdahome?contentid=2015/02/0051.xml&contentidonly=true to read the full press release from USDA.
Dr. Jim Pease, Professor and Extension Economist
February 27, 2015 is the last day that landowners or producers with landowner proxy can choose to re-allocate 2014-2018 farm program acres or update program payment yields. The deadline is fixed and will not be extended, and the choices made are irrevocable until after 2018. It is very important for both parties to evaluate options and take action now on desired options. Continue reading
Santerra Boyd, Garret Chambers, Matthew Harris, and Montgomery McCarthy, all Virginia Kohl Centre students; Dr. Gordon Groover, Kohl Centre Facilitator, Associate Professor and Extension Program Leader, Virginia Tech; Dr. Kimberly Morgan, Kohl Junior Facility Fellow, Agricultural and Applied Economics, Virginia Tech
Market Maker allows for harvest facilities to more effectively advertise their businesses and for producers to find harvesting facilities that best fit their needs. The purpose of this fact sheet is to provide information about MarketMaker to Extension agents, VDACS employees, harvest and packing facilities, and animal producers. Visit this site to learn more about MarketMaker https://foodmarketmaker.com/main/why. After addressing the need for improved avenues of communication between harvest facilities and animal producers, an educational video tutorial was developed by the authors to demonstrate the steps a manager can take to register their meat processing facility on the Market Maker database https://www.youtube.com/watch?v=Hs1xNzPav4k.
The complete publication an be found at: https://pubs.ext.vt.edu/AAEC/AAEC-86/AAEC-86-pdf.pdf
Gordon Groover (firstname.lastname@example.org), Extension Economist, Farm Management, Department of Agricultural and Applied Economics, Virginia Tech
Listed below are the items to consider adding to your farm business manager’s reading list and calendar for the next two months.
- Income taxes and related items:
- Farmers that do not pay estimated taxes, your 2014 return and taxes are due March 2, 2015. For Farmers that pay estimated taxes (using Form 1040-ES). You have until April 15 to file your 2014 income tax return (Form 1040).
- Virginia income tax returns must be postmarked by May 1, 2014.
Tom Stanley; Extension Agent for Farm Business Management, Tom Stanley
To view the results in PDF click on this link: 2015 Land Rental Guide for The Central Shenandoah Valley and Alleghany Highlands.