Agriculture Secretary Tom Vilsack today unveiled the new programs included in the 2014 Farm Bill to help farmers better manage risk. The new programs, Agricultural Risk Coverage (ARC) and Price Loss Coverage (PLC), represent the end of direct payments by offering farmers protection when market forces cause substantial drops in crop prices and/or revenues. Producers will have through early spring of 2015 to select which program works best for their businesses.

Stressing that the programs are “farm by farm and crop by crop” decisions, Vilsack announced that new tools are now available to help provide farmers the information they need to choose the new safety net program that is right for their business.

“One of the Farm Bill’s most significant reforms is finally taking effect,” said Vilsack. “These new programs help ensure that risk can be effectively managed so that families don’t lose farms that have been passed down through generations because of events beyond their control. But unlike the old direct payment program, which paid farmers in good years and bad, these new initiatives are based on market forces and include county – and individual – coverage options.”

Farm owners may begin visiting their local Farm Service Agency (FSA) offices starting September 29 if they want to update their yield history and/or reallocate base acres, the first step before choosing which new program best serves their risk management needs.

Learn more from Secretary Vilsack in this teleconference held with reporters this morning: Secy Vilsack announces new farm programs