October 2020

Upcoming Events

Every Saturday morning “Insights into Insurance” radio show KATE 1450AM 8:45am

Oct.13-Dec.11 Dairy Margin Protection FSA Sign up

Oct. 15 - Farmer Lunch Delivery

Oct 15-18 MEA Weekend

Oct 15-Dec 7 - Medicare Annual Election Period

Oct 31 - Happy Halloween!

Nov 1-Dec 22 - Individual Health Open Enrollment

Nov 26-27 - Happy Thanksgiving! -Office Closed

Dec. 1 - MPCI Crop Insurance Interest Charge Date on Unpaid Balances Dec 3-4 - Americana Insurance Group Christmas Open House

Dec 11- CFAP2 Sign Up Deadline

Dec 24-25 Merry Christmas! - Office Closed

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

A new 508(H) program, Enhanced Coverage Option (ECO), has been approved by The Federal Crop Insurance Corporation Board of Directors.

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

Please see the attached Enhanced Coverage Option pre fact sheet for full details and examples of coverage, premium and subsidies

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.

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

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.