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Crop insurance updates going into 2025

First on the Farm Newsletter

Crop insurance updates going into 2025

Grant Olson
Ag Banking Team Lead

Wrapping up 2024

Although it’s still early, I’m seeing and hearing of corn production at or above Actual Production History (APH) levels for multi-peril crop insurance.

As I type this article, ironically, both new crop corn and soybean futures prices are down 13% from our spring price guarantee (corn – $4.66 to $4.05; soybeans – $11.55 to $10.05).

That being said, it will take continued deterioration in new crop futures prices, production to come in below APH levels, or a combination of both before crop insurance indemnities will be triggered.

The key takeaway from this is that you should get your production to your crop insurance agent as soon as possible to determine whether you are in a revenue loss situation.

Additionally, if you plan to comingle new crop and old crop bushels, you must let your crop insurance agent know so that bin measurements can be done prior to grain being comingled.

Considerations for 2025

Coming off a good year of moisture in most areas may mean it’s time to consider Pasture, Rangeland, Forage (PRF) insurance to help insure against a potential dry year in 2025.

PRF is designed to give you the ability to buy insurance protection for losses of forage produced for grazing or harvested for hay. The PRF program utilizes a rainfall index to determine precipitation for coverage purposes and does not measure production loss relative to historical APH data.

Even though we’ve come down from record-high cattle prices, today’s prices remain at historically high levels.

Many cow-calf producers took advantage of the unborn Livestock Risk Protection (LRP) product this spring to “buy time” and will now be faced with how to manage price risk from now until they sell backgrounded calves in first quarter of 2025.

If you are one of those producers, or if you would like to learn more about Livestock Risk Protection, feel free to give me a call at (605) 940-6517 so we can discuss options.

Meanwhile, I hope you all have a safe and bountiful harvest, and that you take some time to enjoy SDSU football this fall!

Read the September newsletter

Let's Go

Have questions? We're here to help.

Grant Olson

Ag Banking Team Lead
Flandreau

Brian Gilbert

Ag Banking Manager
Louise

Josh Kayser

Ag Banking Team Lead
Louise

Phil DeGroot

Ag Banking Team Lead
Louise
Insuring Your Success – Crop insurance updates going into 2025

Wrapping up 2024 Although it’s still early, I’m seeing and hearing of corn production at or above Actual Production History (APH)

Two new bankers join First National Ag Team

With growth in the ag industry, we are also experiencing growth on the First National Ag Team.

Insuring Your Success: Risk management considerations for summer 2024

This article was written on June 15. For up-to-date information regarding recent flooding, please contact your banker.

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