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Insuring Your Success – June 2023

First on the Farm Newsletter

Insuring Your Success – June 2023

Josh Kayser
Ag Banking Team Lead

After what seemed like a winter that just wouldn’t quit, it sure is nice to be able to enjoy some summer-like weather now.

It almost seems a little crazy that after all that snow, most of us could use a shot of rain to help the crops get started and keep the pastures growing. As we’ve said many times in our newsletter: if you like an infinite variety of weather, this area is the place to be!

As always, one common weather extreme is damaging winds and large hail — something we know all too well from last year following not one, but two derechos that roared across South Dakota!

For not a lot of money, a farmer can protect those top end bushels not covered by their MPCI policy with some add-on hail and wind policies. These policies sure are something to consider, especially when the value of the crop is still quite high.

As for our livestock producers, we’ve seen a tremendous increase in the popularity of the Livestock Risk Protection (LRP) program.

This is a great way to set a floor for your cattle and hogs while not having to pay any premium until the policy expires. Or, if the market drops below the coverage price, there could be an indemnity large enough that no premium is due.

July 1 is the start of the new “crop year” for LRP, and having an application on file is a great way to be able to obtain coverage if you desire.

Additionally, I know most FSA offices have sent out the acreage reporting maps for producers to begin filling out for acreage reporting season; the 2023 deadline for Acreage Reporting at the FSA and for crop insurance is July 15, so please be timely with completing them.

If you have any questions on filling them out, feel free to reach out to me. We can work together to make sure the most accurate acres are reported.

An added reminder: if you happen to need to replant crops for any reason, you must let your agent know in advance of replanting to qualify for a claim!

I hope you all have a great summer, and I look forward to seeing you — whether that’s on the golf course, during acreage reporting, or perhaps at a sprint car race.

Feel free to contact me at (605) 999-8011 with any questions or to schedule a visit to discuss hail, wind, LRP, etc.

Enjoy the summer, pray for a little bit of rain, and fire up the grills with beef and pork!

Have questions? We're here to help.

Josh Kayser

Ag Banking Team Lead

Brian Gilbert

Ag Banking Manager
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