Crop insurance and early planting dates ocj.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ocj.com Daily Mail and Mail on Sunday newspapers.
Kent Thiesse
The deadline to purchase crop insurance for corn and soybeans for the 2021 crop year is Mar. 15.
The crop insurance spring base prices for 2021 revenue protection (RP) and yield protection (YP) insurance policies have been established at $4.58 per bushel for corn and $11.87 per bushel for soybeans. The 2021 base price for corn is an increase of $0.70 per bushel above the $3.88 per bushel spring price in 2020. The 2021 soybean base price is a large increase of $2.70 per bushel above the 2020 spring price of $9.17 per bushel. The 2021 spring price for corn is the highest since 2014 and the soybean base price is at its highest level since 2013.
Crop insurance, farm program deadlines put focus on critical risk management choices.
Even if your only encounter with The Bard of Avon was back in sophomore year of high school, you likely still remember Shakespeare’s warning to Julius Caesar. This year you don’t need to beware March 15, but your risk management plan certainty needs to be aware of it.
In addition to the usual crop insurance deadline in many states, the middle of March is also the final date for 2021 farm program signup. Choices made at the start of the current Farm Bill for 2019 and 2020 can be changed annually for the last three years of the law. And even if you’ve already enrolled and selected your crop insurance coverage, figuring how these programs fit into your marketing plan is a crucial chore before the real work of planting begins soon.