Latest barometer suggests soybean growers are still uncertain about ARC, PLC
There is still a lot of uncertainty regarding which crop safety net program farmers will choose, according to the latest Purdue University/CME Group Ag Economy Barometer.
Farmers have one week to make their program choice under the 2018 Farm Bill.
Jim Mintert, with the Purdue Center for Commercial Agriculture, says the latest survey focused on producers who grew soybeans in 2019.
“Thirty-seven percent as of Mid-February said they were still uncertain about which program they were going to choose so there’s still clearly some indecision about which way to go,” he says. “Thirty-eight percent said they were going to choose the ARC-County program and that was by far the most popular program under the 2014 Farm Bill for soybeans.”
Mintert says he was surprised by the interest in the Price Loss Coverage program.
“Nineteen percent said they were going to choose the PLC program which is interesting because that suggests that group has a pretty bearish outlook about where soybean prices are headed as we head through the rest of 2020,” he says.
Seven percent of survey respondents indicated they would select the ARC-Individual program. Mintert says that is indicative of the extreme impact of prevented planting in 2019.
The deadline to enroll is March 16.
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