Farm Horizons
•
Oct. 10, 2016
The crop damage and harvest delays are especially
difficult for affected crop producers who are facing
very tight profit margins in 2016.
Farm operators were looking at some very good
corn and soybean yield potential for this year’s crops
in many locations. The soybean yield potential appeared especially solid across the region, with the
corn yield potential being a bit more variable.
Many producers were put in a “wait and see” mode
regarding corn and soybean harvest, hoping that
the yields on a majority of the crop acres are strong
enough, in order to offset yield losses in the fields and
portions of fields that were lost to the heavy rains and
flooding.
Crop insurance considerations
Farm operators with crop losses need to contact
their crop insurance agent prior to harvesting fields
with significant crop losses to make sure that those
losses are reported and verified.
Producers also need to keep good yield records, and
follow crop insurance verification procedures, in order to maximize crop insurance indemnity payments
on damaged crop acres. Crop insurance indemnity
payments will vary from farm to farm, depending on
Urgent
C A R E
health care. . .
when you need it.
Urgent Care Hours:
Mon.-Thurs. 8 a.m.-7 p.m.;
Fri. 8 a.m.-5 p.m.; &
Sat. 9 a.m.-Noon
3 Century Ave. | Hutchinson, MN | 320-234-3290 | 800-944-2690
www.HutchHealth.com
Equal Opportunity Employer
•
Page 26
the level and type of insurance coverage that was purchased for the 2016 crop year, and on the final 2016
corn and soybean yields.
Producers facing significant crop losses that have
“optional units” for crop insurance policies in 2016
could be in a position to collect considerable crop insurance indemnity payments on farm units with large
losses.
However, producers that have “enterprise units” for
their 2016 crop insurance coverage may have more
difficulty verifying sufficient crop losses to gain substantial indemnity payments for the 2016 crop year.
“Optional units” insure crops on an individual farm
basis, so a producer can collect crop insurance indemnity payments on one or two farm units, while not
receiving payments on other farm units. “Enterprise
units” require all the crop land of a given crop in a
county to show a crop loss, in order to receive crop
insurance indemnity payments. Many producers have
switched from “optional units” to “enterprise units”
in the past few years, due to significant savings in the
crop insurance premium costs with “enterprise units.”
n