2023 was the perfect opportunity to lock in profit using crop insurance. Many crop insurance products are sensitive to price. In 2023, the spring time Projected Price for corn was $5.91. At harvest time, the price declined to $4.88. This was over $1 decrease in price per bushel. The beauty of using Revenue Protection crop [...]

In 2024, we are dealing with much tighter margins. The cost of production has come down some. But farmers are still dealing with high inputs along with a price that has declined rapidly. 85% Revenue Protection will not provide the same guarantee in 2024 that it did in 2023. In 2023, $5.91 x 220 APH [...]

I reported a wide range of corn yields in 2023. There were dry areas, drier areas, and driest areas.... In the dry areas, yields were near record high. In the drier areas, yields were slightly less than their APH's. In the driest areas, yields were disappointing. In all cases, there was a chance that crop [...]

PRF (Pasture, Rangeland, Forage) is a crop insurance product used to protect against less than average rainfall.   Let's take a look at how PRF has performed so far in 2023.  Below is a chart showing the average rainfall for each PRF interval against the actual rainfall in 2023. This data is specific to a [...]

Many farmers were attracted to Margin Protection in 2023 due to the opportunity to lock in high prices, $6.11 on corn and $13.56 on soybeans. With reduced commodity markets in 2024, farmers may feel that Margin Protection lost it's value. But take and look and see. Higher expected county yields, lower input costs, and lower [...]

Corn Butler 212.40 Franklin 208.10 Grundy 233.00 Hardin 212.60 Marshall 225.6   Soybeans Butler 58.6 Franklin 59.6 Grundy 66.7 Hardin 61.3 Marshall 64.9   If you would like to compare to 2023 Expected County Yields.

Here are the 2024 Margin Protection Prices:   Corn $5.09 Soybeans $12.95   Margin Protection can be purchased through September 30th.  

Here is an update on 2023 Margin Protection for corn before we head into harvest. Current Corn Overview  Projected Price $6.11 Variable Input Costs Projected vs Harvest The Harvest Price for interest and corn will be calculated in October. County yields will be determined next spring.   Since current price level is well below the [...]

Here are a few crop insurance reminders: Revenue Protection Claims Corn Prices have declined from the $5.91 Projected Price. On September 1, December corn futures is at $4.81, $1.10 lower. If prices continue at this level, the probability of a Revenue Protection claim is high. Example: 220 APH x $5.91 Projected Price x 85% Coverage [...]

Precision reporting is the best way to keep crop insurance records. You only need 3 items! 1. Planting Map 2. Harvest Map 3. Calibration Report Planting For acreage reporting, you get to use your actual planted acres, not FSA acres. The acres do not have to match! In many cases, FSA acres are higher than [...]