Food Surpluses Driving Low Prices; Enrollment for Farm Safety Net Open Today
The Food and Agriculture Organization Food Price Index dropped again in November. The FOA Thursday released the price index, which averaged 156.7 points in November, down 2.6 points, or 1.6 percent from October. Except sugar prices, all commodities included in the price index dropped under continued pressure of a strong dollar and generally abundant supplies. The overall price index has dropped 18 percent since 2014. Meat values have recorded the sharpest fall, down 23 percent compared to this time last year.
The enrollment period for farm safety net programs opens today. FSA announced the enrollment period last week for the Agriculture Risk Coverage, or ARC and the Price Loss Coverage, or PLC, program. The 2016 enrollment period will continue until August 1st of next year. If a farm is not enrolled during the 2016 enrollment period, producers on that farm will not be eligible for financial assistance from the ARC or PLC programs should crop prices or farm revenues fall below the historical price or revenue benchmarks established by the program.