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Price Loss Coverage: Difference between revisions
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(Created page with "{{Program |ProgramName=Price Loss Coverage |ProgramType=Program |OrgSponsor=Farm Service Agency |TopOrganization=Department of Agriculture |CreationLegislation=Agricultural Act of 2014 (Public Law 113-79), Agricultural Improvement Act of 2018 (Public Law 115-334) |Purpose=The Price Loss Coverage (PLC) program, administered by the U.S. Department of Agriculture (USDA) through its Farm Service Agency (FSA), provides price-based financial assistance to farmers to protect ag...") |
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|TopOrganization=Department of Agriculture | |TopOrganization=Department of Agriculture | ||
|CreationLegislation=Agricultural Act of 2014 (Public Law 113-79), Agricultural Improvement Act of 2018 (Public Law 115-334) | |CreationLegislation=Agricultural Act of 2014 (Public Law 113-79), Agricultural Improvement Act of 2018 (Public Law 115-334) | ||
|Purpose= | |Purpose=PLC, run by USDA via Farm Service Agency, aids farmers with price-based support when crop prices dip below ref price, stabilizing income & markets for corn, soy, wheat, rice, peanuts as an Agriculture Risk Coverage alt. | ||
|Website=https://www.fsa.usda.gov/programs-and-services/arc-plc/index | |Website=https://www.fsa.usda.gov/programs-and-services/arc-plc/index | ||
|ProgramStart=2014 | |ProgramStart=2014 | ||
|InitialFunding=$800 million | |InitialFunding=$800 million | ||
|Duration=Ongoing | |Duration=Ongoing | ||
|Historic= | |Historic=No | ||
}} | }} | ||
The '''Price Loss Coverage (PLC)''', established in 2014 under the Agricultural Act of 2014 and expanded by the Agricultural Improvement Act of 2018, is administered by the Department of Agriculture (USDA) through its Farm Service Agency (FSA) to provide price guarantees to farmers, allocating over $25 billion since inception to support approximately 1.1 million farms annually by 2025. Initially funded with $800 million, it has grown to distribute $2.5 billion in FY 2024 across 1.1 million policies, insuring crops like corn and soybeans at farms nationwide.<ref>{{cite web |url=https://www.fsa.usda.gov/programs-and-services/arc-plc/index |title=Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) |publisher=U.S. Farm Service Agency}}</ref> Despite its impact, challenges like funding competition, price volatility, and program complexity persist (web ID: 4), but it remains a cornerstone of USDA’s risk management efforts. | The '''Price Loss Coverage (PLC)''', established in 2014 under the Agricultural Act of 2014 and expanded by the Agricultural Improvement Act of 2018, is administered by the Department of Agriculture (USDA) through its Farm Service Agency (FSA) to provide price guarantees to farmers, allocating over $25 billion since inception to support approximately 1.1 million farms annually by 2025. Initially funded with $800 million, it has grown to distribute $2.5 billion in FY 2024 across 1.1 million policies, insuring crops like corn and soybeans at farms nationwide.<ref>{{cite web |url=https://www.fsa.usda.gov/programs-and-services/arc-plc/index |title=Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) |publisher=U.S. Farm Service Agency}}</ref> Despite its impact, challenges like funding competition, price volatility, and program complexity persist (web ID: 4), but it remains a cornerstone of USDA’s risk management efforts. | ||