Farmers have until March 15 to purchase or modify crop insurance policies for 2011. The deadline applies to most spring-planted field crops, including corn and soybeans.
The projected prices established for crop insurance are: Corn is $6.01/bushel Soybeans are $13.49/bushel.
“This year’s crop prices have provided record-high guarantees for farmers, but with the higher prices, comes higher premiums,” said Amy Jackson, vice president – crop insurance for Farm Credit Services of Mid-America. Jackson encourages farmers to review their coverage options with their crop insurance agents to make sure their 2011 policy needs are meet. She added that FCS Crop Insurance Specialists can provide projected crop prices for other crops.
New crop insurance products were introduced last year combining previous plans. “While the changes simplify the process, it’s even more important for farmers to make sure their 2011 policies will cover their needs in the event of any production or revenue loss,” said Jackson. “Not only are we reviewing coverage plans but our FCS Crop Insurance Specialists are working with their customers in verifying the accuracy of their policies, including items that are sometimes easily overlooked, such as entity type, social security number, tax ID and marital status.” Jackson added that the FCS Crop Insurance Specialists are also working with customers to assure all crops, counties or added land to a farm operation are included in their policies.
