The March 15 deadline for crop insurance renewals means producers need to have a good idea of their inputs costs going into the coming growing season in order to compare that number to what can be guaranteed by their current crop insurance plan.
“One of the biggest things is knowing that guarantee, and we can give them that right now, and then utilizing that guarantee throughout the growing season,” said Chris Coffey, regional vice president for crop insurance with Farm Credit Mid-America.
Coffey said knowing that input cost and its relationship to the crop insurance guarantee can impact a producer’s decisions all season long, from understanding if the level of insurance needs to increase to making marketing choices. Coffey said his outlook for 2018 is positive, although he cautioned that after multiple years of good yields, the coming year could hold losses for some producers.
Listen to Chuck’s interview with Chris here: Interview with Chris Coffey, Farm Credit Mid-America