I was off last week and missed a great deal of excitement over immigration and the Renewable Fuels Standard. We'll get to those later.
I did get some email traffic while I was gone and I had a conversation with a farmer I know about ARC and PLC prices.
There is still a little confusion on the relationship between ARC averages and the PLC reference price. While the Agricultural Risk Coverage program is based on a rolling five-year market-year average, the ARC average price floor is the same the Price Loss Coverage reference price in the 2014 farm bill.