It has been almost 1 year since farmers purchased Margin Protection for the 2022 crop. At that time, corn prices were on the rise and locking in $5 corn looked very attractive heading into harvest. The fear of increasing input costs also weighed on many minds. Then February rolled around and corn prices were still [...]
What's the difference between green snap, wind, and extra harvest expense coverage? Green Snap Green snap provides coverage for a broken or severed stalk at a node above the brace roots and below the ear. Wind Wind provides coverage for flattening, bending, or breaking of the stalk. Extra Harvest Expense Extra harvest expense coverage provides [...]
Below is the expected yield compared to the final county yield for the 2021 crop.
We are excited to announce that we have officially entered the Eastern Iowa and Western Illinois insurance markets following the opening of our office in Tipton, Iowa. Phillips Stafford Insurance Group welcomes Matt Lafrenz to the team to head up the Tipton, Iowa office. Matt started his insurance career as a captive agent with Country [...]
What is Livestock Risk Protection? Livestock Risk Protection (LRP) is customizable price protection for cattle and hogs. How does Livestock Risk Protection work? You have the opportunity to lock in a coverage price based on the futures closing price. You select the number of head, expected selling weight, and expected selling date. If the actual [...]
Revenue Protection (RP) Based on an APH yield of 200, 80% Revenue Protection provides 160 bushel guarantee. With no other coverage, there is a bushel deductible of 40 bushels per acre. You can see this illustrated in the first bar. Supplemental Coverage Option (SCO) SCO is a county based coverage that starts where Revenue Protection [...]
PACE (Post Application Coverage Endorsement) is a new crop insurance product for 2021. This coverage is for crop operations that use split nitrogen applications. If wet weather or an insurable cause of loss prevent the post nitrogen application from the V3-V10 growth stages, an insurance claim would trigger to pay for potential yield decreases due [...]
2022 Projected Prices for corn and soybeans are expected to be approximately $1 higher than in 2021. The 2022 December corn futures is tracking around $5.50 and November soybean futures around $13.00. What does this mean for Revenue Protection? In regards to coverage, a 200 APH with 85% RP coverage would have a $935 guarantee. [...]
Time to make Farm Bill elections for the 2022-23 season. Should you elect ARC-CO or PLC? ARC-CO Below is a brief overview of ARC-CO. The table shows the Olympic Yield and Trigger Yield for each county based on an estimated Marketing Year Average Price of $4.80 for corn and $10.50 for soybeans. It also shows [...]
Marshall, Grundy, and Hardin counties qualify for a Yield Exclusion starting in 2021 for 2020 corn yields. In August of 2020, the derecho wiped out many fields and caused poor yields in others. Marshall County was hit the hardest with averaging a 92 bushel corn yield. The southern part of Grundy and Hardin counties were [...]
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