MPCI in all of its forms provides protection against crop yield loss by allowing policy holders to insure a chosen percentage of their Actual Production History (APH). Policies protect a variety of crops against all natural perils.
Crop-Hail products insure against the perils of hail, fire, lightning and transit. These products allow the grower added flexibility when it comes to protecting one's investment. Policies include various coverage levels and deductibles. Within the crop insurance field it has long been assumed that your MPCI covers your expenses and your Crop-Hail covers your profits.
Mark your Calendars for the Spring Updates Meeting!!!
Please join us for lunch at Mad Mary's at noon on February 23rd to discuss 2016 spring updates.
2016 Sales Closing
The 2016 Sales Closing deadline of March 15, 2016 is quickly approaching. Please contact our office to make an appointment so we can discuss your 2016 crop insurance needs. Below is a list of items to consider prior to your appointment.
Adding/Removing Policy Members
Change in Marital Status
Enterprise Unit Qualifications
Discovery Period of Projected Spring Prices
You won’t find tractors, combines or other machinery in fields this time of year, at least not in this part of the country, as many of the fields are frozen from the wonderful South Dakota and Minnesota winters. Although fields are typically bare this time of year, there is a lot of “behind the scenes” work going on. Some might be trying to enjoy the calm before the storm that field work and planting brings, but many are probably servicing machinery in preparation of that field work and planting in the upcoming months.
This is also a very important time of year at the RMA office as they have begun the discovery period on many crops produced right here in the Midwest. During the entire month of February the RMA office will track commodity prices via the Chicago Board of Trade to determine the projected spring prices on commodities such as barley, corn, soybeans and spring wheat, just to name a few. Once the projected price is released by the RMA in early March your crop insurance agent will be able to give a more precise quote on your crop insurance premium for the 2016 crop year. Below you will find a table of projected prices and harvest prices for the last several years.
To see up-to-date pricing information during this discovery period visit the RMA Price Discovery site and input the required fields.
Currently in discovery, the 2016 projected spring prices are set in the month of February with December 2016 corn futures and November 2016 soybean futures. For those on a revenue protection plan, the 2016 harvest prices will be determined the month of October, again, using December 2016 corn futures and November 2016 soybean futures. http://prodwebnlb.rma.usda.gov/apps/PriceDiscovery/GetPrices/YourPrice
Click on the table to visit the RMA Discovery Price page. Input the required fields to see the desired price.
In the News:
5 factors that could drive wheat prices in 2016 by Ben Potter, AgWeb.com, February 01, 2016 Global market trends can represent a tricky path to navigate - especially with wheat, which is grown, imported and exported across the globe in massive quantities. Dozens of factors are at play, and always shifting.
'Further Tightening in the Agricultural Economy' - Fed by Chuck Abbott, January 14, 2016 U.S. inventories of corn, soybeans, and wheat more than doubled on average since 2013 while consumption has stagnated, says the Kansas City Federal Reserve Bank."The outlook for the agricultural economy has continued to become more pessimistic," the Fed bank says. Weekly Fertilizer Review by Bryce Knorr, Fertilizer costs continue to drift lower, January 27, 2016 Fertilizer prices drifted lower again this week for most products, and any reversal of that trend isn't likely for a while. World Bank forecasts out Tuesday showed prices of key components with little upside risk into 2020, and some costs could even get a little cheaper.
The Transition to La Nina Could be Speeding Up by Ben Poter, AgWeb.com, January 26, 2016 The state of the current El Nino Southern Oscillation is a hot topic amount climate predictors. According to the latest ENSO model predictions, El Nino could show "rapid decay" this spring.
Web Soil Survey (WSS) by USDA Natural Resources Conservation Service (NRCS) (USDA) - Web Soil Survey (WSS) provides soil data and information produced by the National Cooperative Soil Survey.