It's time to start thinking about crop insurance as there are a few decisions to be made by March 15th:
ISU's Steve Johnson has six meetings coming up on this very topic with one of the key changes being the ability for a farmer to purchase Supplemental Coverage Option (SCO), a county-based crop insurance product that underlies their traditional multi-peril product. Since SCO is subsidized at the 65% level, a farmer can move from 85% revenue protection to 75% or 80% revenue protection, then also purchase SCO. It’s a cheaper way it increase to increase your revenue guarantee. Johnson says an SCO purchase looks like it could save $1 to $8 per acre in premium, meaning it may make more sense as a corn strategy.
However, the insured must elect and enroll in the FSA Price Loss Coverage (PLC) program for 2019. The majority of Iowa’s corn and soybeans acres elected Agricultural Risk Coverage (ARC) in 2014 and that was a 5-year election.
Participants can choose from the following meeting dates and locations:
Grinnell, Feb. 12 at 6:30 p.m., Key Co-op, 1128 Pinder Ave.
Grundy Center, Feb. 13 at 6:30 p.m., Community Center, 705 F Ave.
Huxley, Feb. 14 at 9 a.m., Huxley Learning Center, 1551 Highway 210
Ogden, Feb. 14 at 6:30 p.m., Community Center, 114 SW 8th St.
Stuart, Feb. 19 at 6:30 p.m., West Central Valley High School, 3299 White Pole Rd.
Marshalltown, Feb. 20 at 6:30 p.m., Iowa Valley Continuing Education, Dejardin Hall, 3702 S. Center St.
Topics presented by Ray Jenkins and Steve Johnson, both with ISU Extension include:
Crop supply/demand and current price outlook
Futures carry, basis and cost of grain ownership
Crop insurance review, especially Supplemental Coverage Option (SCO) is you elect PLC in 2019
ARC PLC decisions for 2019 thru 2023 crop years.
No registration fee is required, and the meetings are open to the public. For more information, please contact the Polk County Extension Office at (515) 957-5760.