As farmers move from the 2017 harvest season into the 2018 planning season, many are considering changes to their operation for the coming year. It is important to make crop insurance part of those new plans, says Jason Alexander, Senior Vice President of insurance services with Farm Credit Mid-America. “Estimate 2018 cost of production. Use the months off the field to estimate expected costs of inputs like seed, chemicals, and fertilizer. These predictions can tell you how much money is required to grow your crops and how much insurance is required to cover that amount in case of crop failure,” said Alexander. “Establishing your cost of production and planting intentions for 2018 can aid in your marketing plan.”
As plans come together for 2018, Alexander says producers should have their crop insurance agent involved in those decisions, “Crop insurance agents can help you assess changes you’ve made over the last year and determine the best coverage plan for you. “ He advised that even small changes in an operation may have ramifications for crop insurance coverage, “Some farmers have increased the number of acres farmed, added or removed partners, changed their crop mix, or formed a farm LLC. All these changes will affect your insurance plan for 2018 and can be discussed with your specialist.”
Alexander suggests that farmers take advantage of learning opportunities, attend grain marketing seminars, crop insurance meetings, or other events.
Farm Credit Mid-America has have great on line resources at e-farmcredit.com/insights.