Multi-Peril Crop Insurance Deadline Approaching

Multi-Peril Crop Insurance Deadline Approaching

I’m KayDee Gilkey with the Northwest Farm and Ranch Report.

Dave Paul, Regional Director for USDA Risk Management Agency, reminds producers not to put off crop insurance decisions to the last minute.

Paul: “It is just real, real important this time of year for producers between harvest and starting to plant next year’s crop to take some time and stop in and visit with their local federal crop insurance agent. To really look at all the decisions on the crop insurance they are going to make especially what crops they are going to insure, what levels, what types of coverage they want before the sales closing date. When you are looking at producers of wheat and barley they have more choices to make and more considerations to make ahead of the closing dates besides deciding what unit options might work the best for the coming season, they have three insurance plan choices to make.”??

For barley and wheat there are three basic coverage choices: Yield protection based on the projected price, revenue protection based on the higher of either the projected or harvest price and then revenue projection with harvest price exclusion which is based on the projected price and only downside protection with yield protection.

Ask your agent to run a quote with the three coverage options and the three unit structure choices. Then consider the cost and the pros and cons of each of the options.

?Sales closing dates for wheat, mint, forage seed pilot, fall planted barley, dry peas and lentils with winter coverage is October first.

?I’m KayDee Gilkey with the Northwest Farm and Ranch Report on the Northwest Ag Information Network.