- Markets & Weather
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by Crop Insurance Specialists on November 18, 2011
If only we had a crystal ball to predict the future, our decisions in agriculture would be so much easier. Who could have predicted in early June we would go from ideal crop prospects, to widespread wind and hail, to record floods and then near all time record heat and drought. The volatility in our weather and markets is why crop insurance is so important in managing your risk. Please take the time to sit down with your Crop Insurance Specialist and review your coverage and all policy information. This will allow for accuracy and help to not only cover your input costs, but also achieve the goals of your marketing plan. We probably say this in every newsletter, but crop insurance is no longer a “one size fits all” program. Do yourself a favor and give your Crop Insurance Specialist the time it takes to be sure you have the coverage you need when you need it.
The spring prices used to calculate your policy guarantees were $6.01 on corn and $13.49 on soybeans. With these prices in mind, it has not taken a huge bushel loss to exceed the $100,000 mark. This threshold, set by the USDA Risk Management Agency (RMA), requires all insurance companies to complete an Actual Productiion History (APH) Audit of the three previous years’ production. This is performed by crop and by county and includes any harvest price payments that may be made. Frontier Farm Credit has helped a number of producers the last couple years by scanning and storing their records for future use, such as an audit, and for off-site protection of the records. Frontier Farm Credit’s Crop Insurance Team has the knowledge, technology, mapping and on-farm services to deliver timely, exceptional service.
The projected price on 2012 wheat was set at $8.62 per bushel. This gives the wheat producer an opportunity to buy the guaranteed dollars needed to cover the input costs.
Also, be sure to report all of your 2011 wheat production to maintain your APH and unit structure. Wheat production must be reported by November 14, 2011, for production to count for your 2012 wheat.
Keep in mind all losses must be reported in a timely manner by crop and county. Let your Crop Insurance Specialist know if you have a loss or suspect a loss by calling our cell numbers or our toll-free crop insurance line, (888) 598-8329. This line is available 24 hours a day, seven days a week.
We look forward to visiting with you about your risk management needs and hope you have a safe harvest.
Frontier Farm Credit appreciates your business.
Your Crop Insurance Team
Phone Toll Free 24/7
Frontier Farm Credit is an Equal Opportunity Provider