The deadline looms this week for farmers to update the Price Loss Coverage program yields for covered commodities.
This is a one-time opportunity for producers to update yields, which are used to calculate 2020 through 2023 payments, according to the U.S. Department of Agriculture.
“Don’t miss this one-time opportunity to update yields for the Price Loss Coverage program,” FSA Administrator Richard Fordyces said in a statement. “Please contact your FSA (Farm Service Agency) county office to schedule an appointment.”
Updating yields requires the signature of one owner on a farm and not all owners. If a yield update is not made, no action is required to maintain the existing base crop yield on file with FSA.
For program payments, updated yields will apply beginning with the 2020 crop year, which, should payments trigger, will be paid in October 2021. The USDA said updated yield will be equal to 90% of the average yield per planted acre in crop years 2013-2017.
FSA published a final rule in August 2020 that made updates to payments limitations and payment eligibility for programs, many of which were directed by the 2018 Farm Bill.