Crop Insurance
As you start making 2022 crop production plans, couple them with risk management plans. One tool to consider is margin protection for federal crop insurance.
Your crop insurance decisions are a key part of your risk management plan for this year.
Since their inception in 2014, you’ve been choosing between Agricultural Risk Coverage (ARC) and Price Loss Coverage (PLC). You have until March 15 to make your choice this year.
“What I look for as an agent and as a farmer is if I can get close to 2.5 times or more return on coverage versus extra premium,” says Jamie Wasemiller with Gulke Group and Wasemiller Insurance Agency.
“We don’t need to rewrite the entire farm bill,” Rep. Thompson (R-Pa.) says. “We’re comfortable with many parts of the 2018 bill and there aren’t many tweaks, instead things we need to protect and invest in.”
During Thompson’s presentation at a crop insurance event, he was passionate about getting a farm bill done, but acknowledged several hurdles that he said could be overcome in a bipartisan approach.
The expansion would add 1,255 counties for soybeans and 1,729 counties for corn, making the coverage available in 22 states for soybeans with 34 states being covered in total.
A study released by Farm Bureau finds 86% of Americans are concerned about food insecurity, but their trust in farmers remains high at 89%.
We need to know the final funding level in the debt limit debate before there are can be any attempt to mix and match farm bill titles and funds.
SNAP, which historically receives the greatest amount of farm bill funding, will see an 82% increase of a quarter-trillion-dollars.
A Senate Ag Committee hearing Thursday on the new farm bill raised a issue that is now evident: the Title 1 farm bill safety net can no longer deal with the current ag environment.
The 2018 farm bill was stamped with a $428 billon price tag when passed. With the bill set to expire on Sept. 30, here’s a breakdown of the topics ag groups look to push on the negotiating table.
Text of the $1.7 trillion omnibus spending package was released early Tuesday morning. The Senate will vote first and intends to pass the measure before Thursday, leaving the House no time to demand changes.
Thompson is gearing up to replace Rep. Scott as the House Ag chairman in Jan. With his new title in tow, Thompson will be working alongside current Senate Ag Chairwoman Stabenow to pass farm bill 2023.
With harvest in the homestretch, now is a good time to schedule a meeting with your crop insurance agent to provide them with your actual crop production numbers.
The Senate Committee on Ag, Nutrition and Forestry held the first 2023 Farm Bill hearing in early May. Hearing attendees agreed the 2023 Farm Bill should echo elements in the current bill and address new topics.
Farmers Who Gain From Tax Bill Wary of Losing Subsidies Later
Weather challenges this spring tugged total crop acres down for 2022. USDA’s Farm Service reports farmers were unable to plant on 6.387 million acres.
Talk to your crop insurance agent now to see if margin protection coverage is a good fit for your operation. The deadline for it is Sept. 30.
It’s time to make a plan. Projections show you will face higher costs and lower returns for 2023. See if Margin Protection crop insurance can help you manage risk.
The guidelines you need to follow to file and participate in the new ERP are not simple, says Paul Neiffer, a principal with CliftonLarsonAllen. He addresses what roadblocks farmers might encounter in the process.
A comprehensive crop insurance plan creates a great foundation for your farm. It helps you manage risk and determine what other marketing tools to use.
Seth Meyer, USDA chief economist, hints crop insurance price guarantee for 2022 may hit $5.80 in corn and $14.11 for soybeans.
In 2021, the first year the program was made available, producers enrolled 12.2 million acres of cover crops in PCCP, capturing a collective $59.5 million in premium subsidies.
Consider these crop insurance products for 2022.
Available in select counties in 11 states, the Post Application Coverage Endorsement is available for non-irrigated corn.
For the upcoming 2023 farm bill, expect chatter and debate about carbon markets, conservation, trade and more. Policy watchers encourage farmers to keep an eye on these issues, as discussions begin in January.
Look ahead to potential situations including the debt ceiling, WHIP+, President Biden’s challenges, and foreign hotspots.
If pasture, rangeland or forage is important to your farm’s success, insurance could be a valuable risk-management tool.