date:May 17, 2012
utlaw said that corn, soybeans, wheat and grain sorghum are projected to have Olympic average prices that are above 2011 production costs. (As the USDAs former Chief Economist, Keith Collins pointed out to the subcommittee, ARC only pays on a narrow band of production losses for part of a crop, so it would not a guarantee full cost of production.)
Outlaw also pointed out that the ARC program is tied to acres actually planted to commodity crops, not historical base acres.
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