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Angie Peltier


Angie Peltier
Former Extension Educator, Commercial Agriculture



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Hill and Furrow

Current topics about crop production in Western Illinois, including field crops research at the NWIARDC in Monmouth.

The 2013 Growing Season and Federal Crop Insurance Revenue Protection Products


I recently spoke with Mr. Shane Kaiser, a Crop Insurance Specialist in Monmouth, IL. He and other insurance professionals facilitate the purchase of federal crop insurance products at the local level.  Mr. Kaiser noted an increased interest in federal crop insurance products after last year's harvest due to a combination of the 2012 drought and high grain prices.

Crop producers can purchase a couple of different federal crop insurance revenue-based products under different levels of protection ranging from 50 to 85 percent. The projected corn price that was used to set the 2013 revenue-based crop insurance guarantee was $5.65 per bushel. Corn prices are currently more than 20 percent lower than the projected price. Below average rainfall during the heart of the growing season has depressed corn yields in parts of Western Illinois. The combination of lower than average yields combined with the suspected lower harvest price of corn suggests that many people that purchased the federal crop insurance revenue protection products will be making claims.

It is always a good idea to keep accurate and complete yield and grain sales records. If one expects to make a crop insurance claim in the future, it wouldn't hurt to the review the 2013 crop insurance contract or contact your insurance agent to make sure that everything is in order.

 

Disclaimer: The University of Illinois Extension does not promote or endorse any company or products.


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