A quick note that serves as an addendum to yesterday’s post.  The USDA has announced a one-time extension to update basis and yield due to the implementation of ARC and PLC safety-net programs.

The deadline to update basis and yield is extended from February 28, 2015 to March 31, 2015.  This is the same date for producers to elect between ARC and PLC coverage.

If no updates are made to basis and/or yield, the farm’s current base and yield will be used.  Additionally, if no election between PLC and ARC is made by March 31, 2015, the farm will automatically be enrolled for PLC coverage through the 2018 crop year  and no payments for the 2014 crop year will be made.

In short:  make the time to study the choices, use the online decision-tools and head over to your local FSA office with questions and to make elections if so desired.