Frequent rains have soaked Iowa and surrounding areas this year, leaving many corn and soybean fields with areas where little or no production will be realized. The past 24 hours in Iowa have been a shining example of this summer’s weather: pounding rain, sweltering heat, and another dose of rain. As a result, many producers are chatting online about what options they have with crop insurance policies due to the extreme conditions the weather is causing in fields.
William Edwards, Iowa State University Extension economist, provided Wallaces Farmer readers with the following insight. For crops already planted, excess moisture is an insured event. The size of insurance payment received will depend on the final quantity and quality of the grain harvested. Indemnity prices for revenue insurance policies this year are $3.99 per bushel for corn and $9.23 per bushel for soybeans.
Contact your insurance agent with any questions because sometimes an option may reveal itself that wasn’t originally considered. Some fields weren’t able to be planted at all due to weather this year; Those fields may be eligible for a prevented planting payment equal to 60% of the original insurance guarantee.
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Enter the Tall Corn Contest to Win!
Also, this week marks the last week to plug your guess in for the Tall Corn Contest! Visit www.facebook.com/LathamSeeds and type your guess to the answer, “How tall is the corn in this picture?” in the comment field. The person with the closest guess will win, and be entered to win a grand prize. Click here for more information.
