February 28, 2021

Crop

Spring Crop Insurance Guarantees Set at $4.58 for Corn, $11.87 for Soybeans

For most Midwestern growers, the deadline to purchase crop insurance is March 15. University of Illinois ag economist Gary Schnitkey said farmers should expect premiums to increase. He also encourages farmers to consider a new supplemental crop insurance product, called the Enhanced Coverage Option. While it’s based on county yields instead of farm history, it has a high probability of paying out. For more details on that program, please read “New Crop Insurance Option Provides Higher Levels of Coverage” here: https://www.dtnpf.com/….

Higher crop insurance guarantees reflect the upward trend in prices that began last August, as Chinese demand for

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New Crop Insurance Option Provides Higher Levels of Coverage

SCO lets a farmer buy an additional band of coverage from 86% to the coverage level of their policy, which is usually 75%, 80% or 85% in the Corn Belt. Unlike revenue policies that pay based on the farm’s yield history, SCO payments are triggered by county yields.

ECO also pays based on county yields, but it covers a higher band, from 86% to your choice of 90% or 95%. Farmers can purchase it regardless of their farm bill program selection, and they don’t have to purchase SCO first.

“So, ECO rides on top of the SCO coverage, and SCO

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