On May 24th FEMA declared a major disaster in Iowa due to severe storms, tornadoes and flooding. They have amended this ongoing disaster three times. Originally, there were only four counties included in the affected areas. By June 27th, the disaster had been extended to include almost thirty counties. On June 16th FEMA declared another major disaster [...]
Margin Protection is a county based crop insurance product which provides up to 95% coverage. The goal of Margin Protection is to protect against low county yields, a decline in crop prices, and an increase in variable input costs. In 2023, yields were variable from county to county. There were low county yields due to [...]
ECO (Enhanced Coverage Option) is a county crop insurance product that provides up to 95% coverage. In 2023, the county revenue was less than expected. The biggest factor was the decline in prices. The Projected Price for corn was $5.91. At harvest, the price dropped to $4.88. This is over $1 decline! Some counties in [...]
With Memorial Day quickly approaching, it is important to take safety into consideration regardless of your plans. Many of us will be heading out on the roads with boats/trailers, motorcycles, travel trailers and more, with our destination as the focus at hand. Here are some quick tips for some of the popular activities some of [...]
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 [...]
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