Direct operation, custom farming, and crop share leases offer landowners the opportunity to market their assigned portion of the crop. Ideally, crops are sold at a price that covers the production costs and generates a desired profit, and executing a plan that does both is where the risk comes in.

With planting season right around the corner, Peoples Company wanted to take this opportunity to remind growers of the upcoming important dates revolving around this next stage of the crop insurance cycle. Initial planting dates, replanting, and prevent planting are important topics to discuss during this time of year and play an important role in MPCI coverage moving forward after the sales closing deadline.

For producers wanting to make elections and enroll in the ARC or PLC program, the sign-up period is open through March 15, 2024. It is encouraged to work with the local USDA county Farm Service Agency (FSA) office to complete this process.

With the Sales Closing Deadline approaching, I have been asked several questions regarding the different crop insurance plans and how they work. More specifically, the Enhanced Coverage Option (ECO) and Supplemental Coverage Option (SCO) endorsement. Both endorsements provide coverage for a portion of the deductible of an insured underlying crop insurance policy.

What are good farming practices and why are they important? The Federal crop insurance program covers losses that are unavoidable and due to naturally occurring events. The program does not cover losses due to negligence, or any failure to follow good farming practices.

Revenue Protection (RP) provides coverage against yield losses due to natural weather causes and the decline of the commodity price between the Projected Price and Harvest Price. As we reach the end of October, the Chicago Board of Trade (CBOT) has been tracking the harvest price for corn and soybeans in the Midwest. This dollar amount will be released in early November and plays an important factor when determining if a grower or policyholder will have a revenue loss for the 2023 growing season.