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Tag Archives: crop insurance

CONSERVATION COMPLIANCE

By June 1, 2015, crop insurance clients must have an AD-1026 Highly Erodible Land Conservation and Wetland Conservation Certification Form on file with FSA in the same name and taxpayer identification number used when purchasing crop insurance to retain the premium subsidy.  As of May 8, IFB’s Doug Yoder says a significant number of Illinois… read more

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CROP INSURANCE

For the 2014 crop year, corn indemnities have totaled $3.7 billion, much of which has gone to just two states: Iowa ($1.1 billion) and Minnesota ($1 billion). Illinois’ total was just $143 million.

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NOT CHARGING ENOUGH

Farmers often aren’t being charged enough for crop insurance in drought-prone areas of the Plains and other high-risk regions, according to congressional auditors. From 2013 to 2014, RMA raised some premiums, but not all, in higher-risk counties by the maximum 20%, GAO said.

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CROP INSURANCE WEBINAR

Farmdoc will host a webinar this Friday morning at 8 a.m. for making 2015 crop insurance decisions given lower projected prices and new government programs. Focus will be given to Supplemental Coverage Option, Yield Exclusion, and Beginning Farmer Discount. You need to pre-register.

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CROP INSURANCE TOOLS

The approved Projected Price (PP) for corn is $4.15, volatility factor is .20. For soybeans, the Projected Price is $9.73,  volatility factor of .16. For comparison, the 2014 prices and (volatility factors) were $4.62 (.19) and $11.36 (.13) for corn and soybeans respectively. U of I’s farmdoc website has online tools to compare.

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SPECIALTY CROPS UPDATE

New options in the 2014 Farm Bill provide greater coverage for specialty crops from the Noninsured Crop Disaster Assistance Program. The new options provide greater coverage for losses when natural disasters affect specialty crops that traditionally have been ineligible for federal crop insurance such as vegetables, fruits, mushrooms, floriculture, ornamental nursery, aquaculture, turf grass, ginseng, honey,… read more

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HIGHER LOSSES AHEAD

The Government Accountability Office says cost of the taxpayer-subsidized crop and flood insurance programs could rise substantially in coming decades due to climate change. The GAO report says global warming “may substantially increase losses by 2040 and increase losses from about 50 to 100% by 2100.”

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CROP INSURANCE

Harvest prices are $3.49 per bushel for corn and $9.65 per bushel for soybeans. Both harvest prices are well below 2014 projected prices.

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FARM BILL IMPLEMENTATION

House Agriculture Committee members said at a hearing on Thursday they are worried about USDA’s implementation of certain crop insurance provisions in the five-month old 2014 Farm Bill. At the same hearing, members on the General Farm Commodities and Risk Management subcommittee applauded USDA’s Farm Service Agency for its timely deliverance of livestock disaster assistance.

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