claims
production records and retention
Projected and Harvest Prices for Crop Insurance
projected & harvest price
In the realm of crop insurance, understanding projected and harvest prices is critical for farmers, insurers, and stakeholders. These prices are pivotal factors that influence insurance
Projected Prices
Projected prices are determined prior to the planting season and set the baseline for premium calculations. These prices are based on market data, historical trends, and the supply and demand dynamics observed in commodities markets. The Risk Management Agency (RMA) provides these figures, which are derived from futures prices on designated commodity exchanges.
Importance
Premium Calculation: Projected prices help establish premium rates for revenue protection policies.
Financial Planning: Farmers use projected prices to plan their budgets and assess potential revenues.
Market Signals: They provide insights into market expectations regarding future conditions and potential crop value.
Harvest Prices
Harvest prices are determined at the time of harvest and reflect the actual market conditions at that point. These prices are based on the average cash prices received for the crop during the harvest period.
Importance
Claims Resolution: Harvest prices are vital for determining indemnity payments in case of crop loss.
Risk Management: They allow farmers to assess their actual earnings compared to what was projected.
Market Dynamics: Harvest prices can indicate changes in market demand and supply, influencing future planting decisions.
Comparison of Projected and Harvest Prices
Volatility: Projected prices are typically more stable and predictable, while harvest prices can fluctuate significantly based on unforeseen events such as weather conditions, disease outbreaks, or changes in market conditions.
Impact on Revenue Protection: If the harvest price is lower than the projected price, farmers may receive indemnity payments, providing a safety net against losses.
Conclusion
Understanding the dynamics of projected and harvest prices is essential for effective risk management in agriculture. Both figures serve crucial roles in shaping the decision-making processes of farmers and the operations of insurance providers. Proper knowledge of these concepts can help mitigate financial risks associated with crop production.
To view current prices, click below
Prevented Planting
Plant Dates for 2024
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South Dakota: Campbell, Corson, Dewey, Perkins, Walworth, Ziebach
✅Early Plant Date: 3/26/2024 Final Plant Date: 5/15/2024
North Dakota: Adams, Emmons, Sioux
✅Early Plant Date: 3/27/2024 Final Plant Date: 5/31/2024
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South Dakota: Campbell, Corson, Dewey, Perkins, Walworth, Ziebach
✅Early Plant Date: 4/10/2024 Final Plant Date: 5/25/2024
North Dakota: Adams, Emmons, Sioux
✅Early Plant Date: 4/15/2024 Final Plant Date: 5/25/2024
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South Dakota: Campbell, Corson, Dewey, Walworth
✅Early Plant Date: 4/25/2024 Final Plant Date: 6/10/2024
South Dakota: Perkins
✅Early Plant Date: 4/30/2024 Final Plant Date: 6/10/2024
North Dakota: Adams, Emmons, Sioux
✅Early Plant Date: 4/30/2024 Final Plant Date: 6/10/2024
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South Dakota: Campbell, Corson, Perkins, Walworth, Ziebach
✅Early Plant Date: 4/26/2024 Final Plant Date: 6/15/2024
South Dakota: Dewey
✅Early Plant Date: 4/26/2024 Final Plant Date: 6/20/2024
North Dakota: Adams, Emmons, Sioux
✅Early Plant Date: 4/26/2024 Final Plant Date: 6/15/2024
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South Dakota: Campbell, Corson, Dewey, Perkins, Walworth, Ziebach
✅Early Plant Date: 3/26/2024 Final Plant Date: 5/15/2024
North Dakota: Adams, Emmons, Sioux
✅Early Plant Date: 3/27/2024 Final Plant Date: 5/31/2024
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South Dakota: Campbell, Corson, Dewey, Perkins, Walworth, Ziebach
✅ Early Plant Date: 4/25/2024 Final Plant Date: 5/31/2024
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South Dakota: Corson, Dewey, Perkins, Ziebach
✅ Early Plant Date: N/A Final Plant Date: 6/25/2024
* This information does not replace or supersede any policy, procedure, or actuarial documents.
crop hail
Acreage Reporting
When reporting your spring planted acres be sure to include the following information:
Crop, Type and Plant Date
Planted acres and/or Prevented Planting Acres
Legal Description and CLUs
List any person sharing and percentage
livestock risk protection
Livestock Risk Protection (LRP)
Livestock Risk Protection: Ensure a secure livestock investment with government-backed insurance. CIP Agency provides tailored support and expert advice to help protect your farm.
Introducing Livestock Risk Protection
At CIP Agency, we understand the vital role that livestock plays in the agricultural industry. That's why we're excited to introduce Livestock Risk Protection (LRP) to farmers and ranchers.
What is Livestock Risk Protection?
Livestock Risk Protection is a risk management tool that provides livestock producers with protection against unexpected price declines. With unpredictable market conditions and price volatility, LRP offers peace of mind by allowing producers to insure against potential losses in the value of their livestock.
Benefits of Livestock Risk Protection
Price Protection: LRP allows producers to establish a minimum price for their livestock, safeguarding against market downturns.
Flexibility: Producers can choose the coverage level and insurance period that best fits their operation, providing tailored protection for their unique needs.
Government-Backed: LRP is federally subsidized, making it an affordable and accessible risk management option for livestock producers.
How CIP Agency Can Help
As your trusted insurance partner, CIP Agency is here to guide you through the process of securing Livestock Risk Protection. Our experienced agent is well-versed in agricultural risk management and will work with you to determine the coverage that aligns with your operation's goals.
Take Control of Your Livestock's Future
Don't let market uncertainty impact your bottom line. With Livestock Risk Protection from CIP Agency, you can proactively manage risk and protect the financial well-being of your operation. Contact us today to learn more about how LRP can benefit your livestock business.
Protecting your livestock, securing your future.
