As harvest slowly progresses be sure you are keeping track of your harvested bushels. Bushels need to be tracked by farm for accurate reporting on your crop insurance and for claims processing.
Once you have completed harvest take your production records to your crop insurance agent to see if your have a yield loss or revenue loss.
The KCBT harvest price is tracking well below the $5.74 projected price on MPCI wheat policies, and even if you are not in a yield loss you could be in a revenue loss.
Doubling up on Wheat in 2020: Dual Use Coverage
New for the 2020 crop year anyone grazing wheat in the fall and harvesting grain on those acres in the spring can cover both practices on an Annual Forage Rainfall Index Policy and a Multi-Peril grain policy.
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The dual use option for graze-grain crops was established by the 2018 Farm Law. The Annual Forage Rainfall Index is an area program based on grids utilizing 70 years of precipitation data from NOAA.
The signup deadline for the Annual Forage Rainfall Index program is July 15, 2019. The below tables show on a per acre basis the average payout versus cost for Caddo county on a ten year scale covering 90% of average rainfall and 100% of the county base value.
In Caddo County the Annual Forage Rainfall Index policy would have paid 6-7 years out of 10 and cost 3-4 years out of 10 in Caddo County. On average the 3-4 years a producer would have paid a premium they would not have had to pay the full amount due to losses.
If you graze out wheat or graze/grain wheat the Annual Forage Rainfall Index could add substantial value to your annual planted acres meant for forage.
Please contact us to see the payout history for your operation.
