Can't predict the future.... but can review historical data to see how Enhanced Coverage Option would have paid in the past. Below are charts that look back to see the number of years ECO would have triggered and the number of years the full ECO payment would have been paid. The last column provides a [...]
Enhanced Coverage Option uses Expected County Yields x Projected Price to determine the Expected County Revenue. Below are the 2021 Expected County Yields in our area: Corn Butler - 200.2 Franklin - 203.0 Grundy - 219.6 Hamilton - 194.1 Hardin - 200.4 Marshall - 212.6 Soybeans Butler - 55.8 Franklin - 56.5 Grundy - [...]
Iowa State University's Ag Decision Maker website is a great resource to evaluate ARC-CO and PLC. As a reminder, PLC is triggered if the Marketing Year Average Price is lower than the Effective Reference Price. The Effective Reference Price is $3.70 for corn and $8.40 for soybeans. ARC-CO is triggered if the actual county revenue [...]
Reminder You will need to elect PLC or ARC-CO by March 15, 2021 for the 2021 crop year. Farm Bill elections will be an annual election in 2021, 2022, and 2023. If you fail to make an election by March 15, you will default to the 2019 & 2020 election. Here is a brief description [...]
ECO dollar per acre coverage will be determined by your individual APH. You can elect 95% coverage, which gives you a 9% coverage band. Or you could elect 90% coverage which gives you a 4% coverage band. Let's take a look at how the ECO dollars per acre coverage is calculated. In this example, a [...]
Starting in 2021, a Beginning Farmer & Rancher (BFR) can use a Previous Producer's yield history. There are a few requirements to meet: The BFR must have been involved in the decision making of a farming operation. The BFR must have actively participated in the crops being planted. The Previous Producer must give consent for [...]
Written by: Kyle Meyer, CPA This newsletter is meant to give you a brief overview of how insurance proceeds are treated in the tax law and give you some strategies to avoid unnecessary taxes. Crop Insurance Proceeds from crop insurance, as a result of crop damage or revenue protection, are considered taxable income. These are [...]
2020 Harvest Price Corn $3.99 Soybeans $10.55 Both corn and soybean harvest prices are higher than the Projected Price that was set last February. 2020 Projected Price Corn $3.88 Soybeans $9.17 Most farmers carry Revenue Protection and are guaranteed the higher of the Projected Price (spring price) or Harvest Price. 2020 claims [...]
Rain makes grain...variable yields and rainfall have been the hot topics as farmers harvest. Which fields got timely rain? How did that impact yields? Here is a chart that shows rainfall by location in June, July, and August. *Compared to 30 year average is from October 2019 - October 2020. *Data was captured by Climate. [...]
Phillips Stafford Insurance Group is excited to announce that Luke Peterson has accepted an offer to join our growing team! Luke was born and raised in Eagle Grove, IA. Prior to his work in the insurance industry, Luke worked in the retail business for 15 years. In 2018 he started his insurance career with Farm [...]
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