PLC payment provisions.

CFR · 2024-01-01 · US · Title 7

(a) Provided all provisions of this part including but not limited to election have been satisfied for a contract year, a PLC payment will be made to eligible participants on a farm enrolled in PLC with respect to covered commodities for which a PLC yield and base acres are established: (1) When the effective price for a covered commodity in a crop year is less than the effective reference price for the PLC enrolled covered commodity for that crop year as specified in this part; and (2) As soon as practical, as determined by the Deputy Administrator, after October 1 following the end of the 12-month marketing year for the covered commodity as applicable. (b) The effective price for a covered commodity is equal to the higher of the: (1) MYA price received by producers during the 12-month marketing year for the crop year of the covered commodity, as determined by FSA, or (2) National loan rate for a marketing assistance loan for the covered commodity for such crop year. (c) The payment rate used to calculate PLC payments with respect to covered commodity for which PLC yields and base acres are attributed to the covered commodity on a farm enrolled in a PLC contract is the effective reference price of the covered commodity minus the effective price of the covered commodity for a crop year, as determined in accordance with paragraph (b) of this section. (d) For PLC contracts, when PLC payments are triggered in accordance with paragraph (a) of this section, subject to the limitati

official document · source cfr-2024 · id 7:§ 1412.52