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Agricultural Act of 2014

A major law that sets federal farm, food, and conservation policy for a specific period, often referred to as the 'Farm Bill.'

Price Loss Coverage (PLC)

A government program that provides payments to farmers when the national average market price for their covered crops falls below a certain 'reference price' set in law.

Covered Commodity

Specific agricultural crops (like corn, soybeans, wheat, rice, etc.) that are eligible for federal farm programs, including Price Loss Coverage.

Crop Year

The period for which a crop is planted, grown, and harvested, typically running from fall to late summer of the following calendar year, depending on the crop.

Marketing Year

The 12-month period during which a particular crop is marketed and consumed. The start and end dates vary by commodity.

Secretary of Agriculture

The head of the U.S. Department of Agriculture, responsible for implementing agricultural policy.