2024 November Newsletter

Fall Production Reporting

Report your winter wheat, spring wheat, rye and forage production by November 14th, 2024.

 

Harvest Prices Released

Table showing Projected (Spring) Price and Harvest (Fall) Price for listed commodities in 2024.

Crop Insurance Claim Using Lower Harvest Price

Introduction

When the harvest price falls below the insured price, farmers have the option to file a crop insurance claim based on the lower harvest price. This process ensures that producers receive the compensation they need to mitigate financial losses caused by unpredictable market conditions.

Understanding Harvest Price

The harvest price is determined at the time of harvest and reflects the market value of the crop. It is crucial for farmers to monitor these prices, as they can significantly impact their overall revenue and insurance payouts.

Filing a Claim

  1. Documentation:

    • Farmers should gather all necessary documentation, including yield records and production reports.

  2. Notification:

    • Notify your crop insurance agent as soon as you determine that the harvest price could create a loss. Timely communication is essential for a smooth claims process.

  3. Claim Submission:

    • Complete the required claim forms provided by your insurance provider. Be thorough and accurate in reporting the details of your harvest and the corresponding production.

  4. Assessment:

    • The insurance adjuster will assess the claim using the provided documentation.

Calculation of Payout

The payout for a claim based on a lower harvest price is calculated by considering the difference between the insured price and the lower harvest price, multiplied by the insured yield. Understanding this calculation is vital, as it affects the total compensation received.

Conclusion

Filing a crop insurance claim using a lower harvest price can help farmers navigate challenging financial circumstances. By ensuring all documentation is in order and staying proactive in communication with insurance agents and adjusters, producers can facilitate a smoother claims process and ultimately receive the support they need.

Pasture, Rangeland and Forage (PRF)

Pasture, Rangeland, and Forage Insurance (PRF) is essential for ranchers and livestock producers, protecting grazing land from insufficient rainfall. PRF helps safeguard income against drought, with flexible coverage options based on local rainfall patterns.

Federally backed, PRF is affordable, with attractive premium rates and possible subsidies.

Investing in PRF insurance is a proactive step to protect your livelihood and sustain your grazing resources.

Sign up for a new policy or make changes to an existing policy and report acres by December 1st, 2024.

October 2024 Newsletter

Forage Underwriting Reports due October 15th

The window to report any changes to your Forage Production acres for coverage in 2025 ends October 15th. Information that needs to be reported by this deadline includes any new seeded alfalfa fields, any fields that have been destroyed, any new ground acquired with insurable alfalfa acres and any ground with previously insured alfalfa acres that you will no longer be farming.

Harvest and Claims

It is important to file a claim in a timely manner! There are no penalties for filing a claim or having a claim be released. So if you are unsure, it is best to file a claim! We are happy to help determine if there is a loss or not. Don’t forget, lower harvest prices can create a possible loss on Revenue Products.

2024 September Newsletter

looking at coverage for 2025 crop year

September marks the beginning of the 2025 crop year for crop insurance. Crazy to start thinking about 2025 already, but crop insurance agents are doing just that!

In the fall take a look at levels and coverage for Forage Production, Winter Wheat and Rye. This is the only time of year we are able to make to make changes to these crop contracts, levels and options.

Wheat, forage Production

& rye

Fall contract changes are due by

Fall Sales Closing

Deadline to:

  • Add Fall Crops and New Counties to MPCI Policy

  • Change Plan, Coverage Levels and Options on Fall Crops

  • Transfer or Cancel a Policy

  • Request a Written Agreement for Fall Crops

  • Create a New Entity or Corporation

 

Important Fall Deadlines by Crop

Click on “+” to expand

    • September 30th- Sales closing date. Changes to wheat coverage need to be completed.

    • November 15th- Production Reporting due for winter & spring wheat. Please separate spring wheat and winter wheat bushels and report bushels produced per field or legal description.

    • November 15th- Deadline to report planted Winter Wheat Acres to FSA and Crop Insurance.

    • September 30th- sales closing date for making changes to forage (alfalfa and grass alfalfa mixed) levels, coverage and options

    • October 15th- Forage Acres and stand counts due for 2025 crop year. Any new or destroyed alfalfa should be reported at this time.

    • November 14th- Forage Production due. Bale counts and weights need to be submitted to crop insurance and broke by field and legal description.

    • September 30th- sales closing deadline to add crop or make changes to levels.

    • November 15th- Rye production reporting is due. Report production in bushels by field or legal description to crop insurance.

    • November 15th- Planted acres are to be reported to FSA and crop insurance

    • December 2nd- Sales closing date to make changes to PRF contract levels and options.

    • December 2nd-deadline to report your PRF acres for 2025 crop year.

Projected and Harvest Price Discovery

The Risk Management Agency (RMA) provides farmers with essential information on crop prices for decision-making and risk management. Projected and Harvested Prices are available on RMA’s price discovery page RMA Price Discovery - Home (usda.gov)

Farmers can access current prices for commodities like corn, soybeans, wheat, and cotton, which are updated regularly. The RMA also sets base prices for federal crop insurance, helping protect farmers from price fluctuations.

Please view the table below for Prices as of 9-4-24

July 2024 Newsletter

Acreage Reporting Deadline is Monday, July 15

Don’t forget to report your acres

Contact CIP Agency at 605-845-2850 to report your acres if you have not done so already.

If you have reported already, Thank you! We are mailing out folders with your crop insurance summary and maps. Please review this folder for accuracy and let our office know if there are any corrections or questions.

 

Putting a crop to an alternative use

Please notify us if you plan to hay or graze any insured crop.

Many times oats, millet or corn is planted and used as hay, silage or grazed instead of combined. Please notify us before the crop is cut or grazed so it can be appraised.

If your crop has received any damage, please notify us immediately. Include the county, crop, time and type of damage.

June 2024 Newsletter

TIME TO REPORT ACRES!

When reporting your planted acres to crop insurance, accuracy is crucial. Ensure that you document the exact number of acres planted for each crop, following the guidelines provided by your insurance provider. Double-checking the information before submission can help avoid discrepancies that may affect your coverage later on. It is advisable to keep detailed records of your planting activities and be prepared to provide supporting documentation if needed. Timely and precise reporting of your planted acres will help ensure a smooth process and accurate coverage under your crop insurance policy.

Information needed for Acreage Reporting

  • Crop, Type and Plant Date

  • Planted Acres and/or Prevented Planting Acre

  • Legal Description and CLUs

  • List Any Person Sharing and Percentages

If you have any questions or would like assistance in filling out your maps, please contact our office before the deadline and we would be happy to help!

May 2024 Newsletter

Prevented Planting Resources

Prevented Planting

Prevented Planting is a risk management strategy utilized by farmers when it is not possible to plant crops due to unfavorable weather conditions or other factors. This option allows farmers to receive indemnity payments if they are unable to plant an insured crop by the final planting date. By choosing prevented planting, farmers can mitigate potential financial losses caused by circumstances beyond their control.

To determine if you qualify for prevented planting, you should contact your crop insurance agent. They will review your specific situation and provide guidance on eligibility based on the relevant criteria outlined in your insurance policy. It is important to reach out to them promptly to understand your options and next steps.

To file prevented planting, you need to contact your crop insurance agent within 72 hours of deciding not to plant. Your agent will provide you with the necessary forms to submit a prevented planting claim. It's essential to document the decision-making process and keep records of field conditions as evidence for the claim. Submit the required forms promptly to ensure a smooth processing of your prevented planting claim.

For more information click on “Resources” below to view our website

March 2024 Newsletter

2024 projected price

Spring Wheat….………$6.84

Spring Oats….…………$3.38

Corn……………..…….. $4.66

Grain Sorghum……..….$4.67

Oil Sunflower…...……..$0.238

Confection Sunflower…$0.288

Soybeans………………. $11.55

Projected Crop Insurance Prices Released

Crop insurance price is a significant factor for farmers when considering risk management strategies. The cost of crop insurance can vary depending on various factors such as the type of crop, location, coverage level, and historical yield data. Farmers often evaluate different insurance options to find the best coverage that suits their needs while remaining cost-effective. Understanding the intricacies of crop insurance pricing is essential for farmers to make informed decisions to protect their crops and livelihoods.

Sales Closing Deadline March 15th, 2024

Deadline Approaching for Changes to Crop Insurance Contract

Attention all farmers!

Please be advised that the deadline for adjusting your crop insurance policy is quickly approaching. It is crucial to act promptly and make the necessary modifications to ensure that your coverage aligns with the changing needs of your farm.

We strongly urge you to conduct a detailed review of your current insurance policies to guarantee optimal protection for your crops. Don't hesitate to get in touch with CIP Agency as soon as possible to discuss customized insurance options that are designed to meet your individual requirements before the deadline.

Thank you for your attention to this matter.

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2024 Spring Newsletter

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Subject: Exciting Updates from CIP Agency!
We now offer an email and website version of our Crop Insurance Update letter. You will still receive a 2024 Spring Update letter in the mail.

Thank you for giving us the opportunity to service your MPCI Crop Insurance! If you would like to make any changes or add any crops, make sure to contact us by March 15th, 2024. Listed below are important dates to remember with your crop insurance.

  • March 15, 2024- Final date to make any changes on your plan: Add crop/county, change plan/levels of coverage and options, transfer or cancel, written agreements, creation of new policy or entity.

  • Soybeans Insurable in Perkins County- If you would like to add soybeans to your contract please contact our office before the March 15, 2024 deadline.

  • Enterprise Option available on Millet and Flax- If you are interested in using the Enterprise Option for either Millet or Flax, or both, please contact our office to see if you qualify before the March 15th, 2024 deadline. 

  • Crop Prices for 2024- currently in discovery period (Feb 1-29th) for projected price. RMA will release official pricing in March. Prices below are currently tracking as of 2-20-24

    • Corn $4.70

    • Soybeans $11.66

    • Oil Sunflowers $0.24 Confection Sunflowers $0.29

    • Grain Sorghum $4.71

    • Spring Wheat $6.93

    • Oats $3.42

Soybeans in Dewey County- RMA has added unrated map area classification for soybeans in Dewey County. If you are planning on planting soybeans in 2024 check with us to make sure they are insurable in the intended fields. If they are located in an unrated mapping area, then a written agreement is required for insurability. Written Agreement requests must be filled out and submitted before March 15th, 2024.

Unrated map area classification for soybeans in Dewey County. Soybeans in the green map area will require a written agreement for 2024.

Reminder: July 15th, 2024 is the deadline to have your Acreage Reporting completed. Please bring in your completed FSA maps and 578s before this date to report your acres for 2024.

Thanks again for your business, we do appreciate it and would remind you that if you ever have any questions or concerns, give us a call.