Crop Insurance Deadlines Approaching
|
|
For information contact: Carl Meiss, Public Relations Director Ph: (717)-234-5001 or (800)-552-3865 Email: publicrelations@pagrange.org |
|
August 31, 2004 |
|
Producers have until September 30, 2004 to enroll or modify their current crop insurance protection choices on fall-seeded wheat and barley and forage production for 2005. For barley and wheat protection, producers can choose from 50-85% of their actual production history (APH). When production (after adjusted for poor quality) is less than the insurance guarantee, the payment rate is $2.35 or $3.50 per bushel respectively. Crop revenue coverage (CRC) is also available for wheat. This plan provides a revenue guarantee that is determined using board of trade prices. Loss payments can result from low yields, poor quality and/or price fluctuations. Forage production protection can be purchased for yield fluctuations under the production history or group risk plans. Coverage is broadly available for alfalfa and alfalfa\grass mixtures @ from 50-75% of the producer’s yield history. The group risk plan is available for all classes of hay in 29 counties with coverage choices from 65-90% of the county average yield. Losses are paid when the county average for the current year is less than producer’s selected level of coverage. Forage producers can also purchase gross revenue protection based on their previous 5-year average. This plan covers all classes of hay as well as the gross sales of almost all other agricultural commodities produced on the farm. Protection is provided against low revenue caused by natural disasters or low prices. This plan works best when forage and other commodities are grown for sale. It could have been a valuable risk management tool for many producers in 2004, whose forage production quality and expected revenue were severely reduced by excessive rains. The Commonwealth of Pennsylvania will cost-share the producer’s premium for crop insurance protection. Producers are encouraged to contact a crop insurance agent for coverage details before the 9/30 deadline.
|