It had to happen. With record payouts for 2011 crop damage, the cost of federal crop insurance is going up. And, you have until March 15 to purchase or modify policies for the 2012 corn and soybean growing season.
But New York Ag Commission Darrel Aubertine says there is one good change in the 2012 policies. For the first time, you can purchase up to 85% protection for corn and soybeans, up from 75%. And, the insurable price election for corn silage has been raised to $50 per ton, up from last year's $42.50.
"Crop insurance is one of the few tools that can provide farmers with a level of assurance against adverse weather, disease and market fluctuations," he adds. "These modifications plus more substantial crop insurance coverage can actually cover costs of production or replacement feed. However, producers need to act quickly as the deadline to purchase these policies is March 15."
The March 15 crop insurance deadline applies to most spring-planted field crops, including corn, corn silage, dry beans, barley, oats, soybeans, fresh market sweet corn, forage seeding and production, grain sorghum, potatoes, spring forage seeding, processing green peas, fresh market and processing snap beans, and processing tomatoes, cabbage and sweet corn.
Prices for crop insurance protection were announced by USDA late last week. Here are the rates for corn and soybeans:
Corn conventional practice insured as grain is $5.68 per bushel
Corn organic practice insured as grain is $7.99 per bushel
Corn insured as silage with a tonnage guarantee is $50 per ton.
Soybeans conventional practice insured as grain is $12.55 per bushel
Soybeans organic practice insured as grain is $19.97 per bushel