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AGRIBUSINESS: Updating Acres For The First Time In 12 Years

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The 2014 Farm Bill contains two new risk management programs, and producers have three steps to get there: update, enroll, and elect.

The first week of October marked the beginning of this opportunity for producers. Through February 27 of next year, they will have the chance to update their yields and/or reallocate their farms base acres using the 2009-2012 crop years.

Later on they can elect between the two programs ARC and PLC before enrolling in contracts for the 2014/2015 crop years, which will last for five years.
However, the first of the three steps, updating, doesn't come around very often. Iowa State University Farm Management Specialist Steve Johnson says it's a good idea to stop by the county FSA office.
"We've not done this since the 2002 farm bill." He says, "I think the reason that you're reallocating and/or updating yields is because you can. We don't know how long we might go before you ever get a chance to reallocate base acres or update yields. So, I challenge landowners to say, 'Hey, whether I'm on this farm one year or a hundred years maybe I should take advantage of reallocating base acres and/or updating yields.'"

Read more on the ISU Extension website by clicking here.