Crop Insurance Update
Important Planting Dates to Remember BY CALEB DOUCE, DOUCE AGENCY, LLC
“The farmer has to be an optimist or he wouldn’t still be a farmer.” – Will Rogers
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AGCREDIT LEADER APRIL 2021
CALEB DOUCE
No truer words have been spoken than those of famed actor and humorist Will Rogers. Farmers are the optimists we all wish we could be, but they’re in a profession in which it’s often difficult to flourish. With that said, there’s a renewed sense of hope for an abundant and successful year as we look ahead to the 2021 planting season.
Early plant dates and replant coverage availability are two things that should be in the forefront of our minds. For corn, April 10 is the earliest date to plant to have replant coverage. Likewise, for soybeans, the earliest plant date is April 24.
» Soybeans Payment is three bushels multiplied by the February average planting price set by the Chicago Board of Trade. Not only are there early plant dates to keep in mind, but there are also final plant dates to consider. June 5 is the final date to plant corn to ensure 100% crop coverage. If corn is planted June 6-25, there’s a 1% per day coverage reduction. For soybeans, June 20 is the final date to plant to ensure 100% coverage. For soybeans planted from June 21 to July 15, a 1% reduction will be leveraged per day. While this is a great deal of information to absorb, it’s all critical when it comes to crop insurance. Producers should make a list of the important dates that apply to their insured crops and mark their calendars to ensure they have the full level of risk protection available to them. May the 2021 planting season be fruitful and prosperous!
Replant coverage that is covered in the base crop insurance policy is as follows: • If replant is necessary, the coverage is built in as long as the crop was not planted before the early plant date. Certain types of policies are excluded from replant provisions. • The enterprise has a minimum of 20 acres replanted. » Both non-enterprise revenue protection and yield protection policies have replant provisions, but the 20/20 rule must be met to trigger payment. That means either 20 acres or 20% of a unit, whichever is smaller, must be replanted. • Payment under this provision: » Corn Payment is eight bushels multiplied by the February average planting price set by the Chicago Board of Trade.
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