You’ve ordered fertilizer and seed, and you’re prepping the planter for hours of field work come spring. There’s one more box to check: crop insurance.
Crop Premium Estimates
Seth Meyer, USDA chief economist, spoke at the Crop Insurance Convention, hinting the insurance price guarantee for corn in 2022 may be $5.80 per bushel, while soybeans look to possibly hit $14.11. He says the Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs projected price guarantees are reflective of increased demand.
With disease like
tar spot ripping through the corn belt, and drought impacting numerous parts of the U.S., crop insurance might be the right choice for your operation.
ProFarmer Policy Analyst Jim Wiesemeyer says producers in Ohio tend to have higher coverage premiums on traditional crop insurance as opposed to a producer in, say, North Dakota. He says there’s another insurance option for those with lower traditional crop insurance coverage.
“I would pencil out a supplemental coverage option (SCO) with your crop insurance agent to know whether it would fit your operation,” says Wiesemeyer. “SCO has some merits in that you can get a higher price coverage because it’s based on Risk Management Agency prices.”
Enrollment and election for both ARC and PLC run through March 15, 2022.
Relay Cropping Coverage
USDA’s Risk Management Agency recently
opened insurance for relay cropping soybeans into an established small grain through a written agreement.
The agency boasts relay cropping to “solve conflicts such as inefficient use of available resources, fertilizer application, and soil degradation.”
According to the USDA, the insurance will be made available through a written agreement. To capture the relay cropping insurance, a written request must:
• Include adaptability evidence from an agricultural expert that relay cropping is an acceptable practice for the requested location
• Be submitted as an unrated TP request by the acreage reporting deadline.
Producers interested in relay cropping coverage
should contact a crop insurance agent for guidance on completing the written agreement request.
Read more:
> Tar Spot 2022: Get Ready for a Lion, Hope for a Lamb
> More Possibilities In One Pass: Prescriptive Delivery System
> Layer Your Protection: Shallow Loss Crop Insurance Products
