date:Dec 14, 2018
Figure 1 provides an example of this reference price for corn using projected prices from USDAs Office of the Chief Economist (USDA-OCE, October 11, 2018 WASDE). Based on these forecasted prices, the escalator would not be effective for corn and the effective reference price will remain at the statutory level ($3.70 per bushel). Note also that ARC will use the effective reference price as a floor in the benchmark for any year where the historic MYA prices were below it.
The 2018 Farm Bill also