The March 15 deadline for spring crops in much of the Corn Belt is fast approaching. The spring guarantee for corn is $3.96, up from $3.85 last year, and soybeans are $10.19, up from $8.85.
The best mix of coverage level and supplemental products, such as Crop Hail, differs by location and by year as premiums change.
But it’s not just about choosing your policy levels. Here are a few other things that are equally or more important to consider:
- Entity changes in your business, including marital status, change in partners, trusts, etc.
- Any new breaking or high-risk ground.
- Options such as Yield Exclusion, Trend Adjustment, Enterprise/Optional Units and Coverage Level by Practice.
And don’t let Mother Nature lead you astray. Before you head to the field earlier than usual, check with your insurance team to make sure you’ve reached RMA’s initial planting date for your area.
Changes to Whole Farm Revenue Protection make it more attractive – and maybe worth a second look -- for beginning farmers and livestock producers than in the past.
Perhaps most importantly, be sure you get full value from your insurance coverage by using it to bolster your confidence in making advance sales. The seasonal price strength period lies just ahead.
Questions? Contact your Frontier Farm Credit crop insurance team.