Wide-Spread Drought Means Numerous Crop Insurance Claims

By Al Smith—National Farmers Crop Insurance Representative

The Risk Management Agency began tracking harvest prices on Oct 1, using the December Futures for corn and November Futures for soybeans. Right now, especially corn prices are down quite a bit from the $5.91 Spring base prices, so this could be one of those years that you may collect on a claim without having a yield loss. I will send out periodic emails with the price tracking numbers.

Claims
We are expecting a busy fall when it comes to claims. With wide spread drought, as well as what looks to be lower harvest prices, there will be a large amount of claims. I would suggest getting a hold of your agent when you have completed harvest to look at your guarantees. There will be some claims this year due to Revenue loss and not Yield loss.

Premium Due
Reminder that the premium due for the Spring Crops Multi-Peril policies was extended to November 30. If paid on Dec 1 or after, you will be charged interest. Crop Hail policies were still due at the normal date.

Commingling Grain
If you plan to commingle 2023 grain with old crop, you will need to have your bins measured before commingling. Failure to do so will cause the old crop grain to be included in your 2023 bushels.

Livestock Risk Protection
I don’t mention this often, but with current prices of Feeder Cattle, you may want to look into LRP. You can lock in some very good prices with your cattle. Contact me, and I can get you to our Livestock expert.