October 2020
Upcoming Events
Farm Highlights
Farm Labor Contractors!
In the past, neighboring farms were able to use a handshake to confirm a business relationship. As farms have increased in size, and the relationships have become increasingly complex, it is advisable for businesses of any size to have written contracts that clearly spell out the terms and conditions of the business relationship. This is especially true when hiring a farm labor contractor that supplies workers. Having a formal written contract can help avoid disagreements between parties when a loss occurs and help decide which party is responsible to take care of the problem. It can make the difference in paying nothing or paying millions of dollars and putting your entire business at risk.
Case Study Example
Crop Insurance
- Enhanced Coverage Option
- Similar to Supplemental Coverage Option (SCO)
- Provides area-based coverage for a portion of the underlying policy deductible
- Uses same expected and final area yields, projected and harvest prices and payment factors as SCO
- Coverage band from 86% up to elected 90 or 95% of expected crop value
- Yield or Revenue coverage provided based on the underlying policy plan of insurance
- Available for 2021 crop year nationwide for 31 crops with a contract change date of November 30, 2020, or later (see attached pre fact sheet for a list)
- Option must be elected by sales closing date for underlying policy
- Can purchase both SCO and ECO
- Election of ECO on acres under ARC is allowed
- Not available with Margin Protection, Area Risk Protection, Hurricane Insurance Protection-Wind Index Endorsement, Catastrophic Risk Protection Endorsement, High Risk Alternative Coverage Endorsement, or Stacked Income Protection
ECO Pre Fact Sheet
Grain Marketing
Demand from China Boosts soybean, corn prices
Corn and soybean prices have increased by nearly 20% since early August thanks to robust ordering from China and lower-than-expected corn yields. China's hog herd is recovering from African swine fever, boosting demand for soybean-based feed, said Rick Anderson, risk manager at Ag Partners.
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USDA Farm Programs
WHIP+ Disaster Farm Program
There is another USDA farm payment disaster program that many of you will qualify for. It is Whip+. Our office has been putting together packets for our Crop Insureds to help them provide documentation that your local FSA is requesting. If you would like to request your own information for this program please sign up below.
Yes I want to receive my WHIP+ packet
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Coronavirus Food Assistance Program 2-
Are you a farmer or rancher whose operation has been directly impacted by the coronavirus pandemic? USDA is implementing Coronavirus Food Assistance Program 2 for agricultural producers who continue to face market disruptions and associated costs because of COVID-19.