Current Wheat Reminders:
- Any Changes to your policy including adding coverage, changing entity, ownership, shares, added acreage, or coverage changes for the 2025 wheat crop need to be completed by September 30th.
- Please send 2024 wheat production numbers to us, if you have not already done so. Having your 2024 production loaded in your databases will allow us to generate the most accurate quote for 2025 coverage options.
- Wheat Harvest price came in at $5.51 – 18% decline from the projected price. We have uncovered more wheat claims than we anticipated based on this drop in price.
- Any Wheat claim needs to be filed before October 14th.
- Any 2025 wheat planted after the final plant date loses 1% coverage per day for up to 5 days.
- Prevent Plant Wheat can be filed after the final plant date. The deadline to file is October 28th. You can receive 60% of your guarantee unless you plant the acreage to another insurable crop in 2025. If another crop is planted, your payment will decrease to 35% of your prevent plant guarantee and 60% of your APH yield assigned to your database.
Current Corn and Soybean Reminders
- Any carryover grain from 2023 must be measured before adding 2024 grain to it. Please call if you need bins measured.
- Have a Safe Harvest this Fall! Let us know if you have any questions on coverage as we finish the year. Keep us in the loop with how it’s going!
- Please send 2024 Corn and Soybean production numbers to us, even if they are ballpark estimates. We want to make sure if you have a claim or are close to a claim, it gets filed before the end of the insurance period. Having your 2024 production loaded in your databases will allow us to generate the most accurate quote for 2025 coverage options.
- Margin Protection: You can look into 2025 risk protection tools now. Margin protection projected prices are $4.35 and $10.29 for 2025 corn and soybeans. This policy can be used in conjunction with normal revenue policies. Please call your agent if you have questions about margin protection prior to the sales closing date of 9/30/24.
Changes to Enhanced Coverage Option (ECO) for 2025 Crops
ECO is an area-based endorsement that can be added to your RP policies that provides a 90% coverage level or a 95% coverage level on top of the coverage level on your MPCI Policy. The only difference is this coverage is based on the county yield, not your yield. One adopted change for the 2025 crop year is adding availability to those who grow specialty crops like almonds, apples, blueberries, grapes, and walnuts. The main update for our area is the increased premium support for the endorsement. USDA is now offering a 65% premium subsidy for those who purchase the endorsement for 2025 to make adding the coverage more affordable. This matches the premium subsidy given for the SCO endorsement.
Do You have Hay or Pasture Acres?
Rainfall produces forage that feeds livestock. Without that forage, you may be forced to sell that livestock lighter than expected or spend money supplementing that food supply. Either outcome cuts into cash flow or at the end of the day hurts your business. Pasture, Rangeland, and Forage is an area-based plan of insurance designed to help cover replacement feed costs due to lack of precipitation. The deadline for 2025 coverage is 12/1/24.
2024 Fall Farm Joke
Review Your Coverage Options?
Intersted in learning more about Crop Insurance or want to make a switch?