Harvest 2020

As an eventful, and often times stressful, 2020 crop season comes to an end with the pandemic and Covid-19 occurring in our world, it appears the harvest season is going extremely well with excellent harvest conditions.
- Farm Safety
- Please check to make sure all safety equipment (i.e. safety shields, fire extinguishers, etc.), are in place and in working order.
- Be especially careful and diligent around any moving equipment and/or parts. Don’t assume anything as things happen faster than we expect.
- Make sure to use your flashers and be aware of your surroundings.
- Wear protective and reflective clothing.
- When working around and in grain bins, use appropriate safety equipment and if at all possible, have a second person around in case of an emergency.
- Crop Insurance
- Be aware of your crop insurance coverage and contact your agent as quickly as possible after harvest to turn in yields in case of a claim.
- Crop insurance yield claims need to be filed within 10 days of harvest completion.
- Please keep load records of your yields for each farm and mark your bins if you are comingling production from several farm units.
- Farm Finances
- Did you have a marketing plan built into your 2020 cash flow projection and are you adhering to it?
- Do you remember/know your break-even commodity prices from the cash flow completed this past year with your lender?
- Should you be meeting with your lender to review your spring cash flow plan to see how it relates to current marketing opportunities?
- Have you signed up for round 2 of the Coronavirus Food Assistance Program (C-FAP 2) which had a beginning signup date of September 21, 2020 and runs through December 11, 2020? Note, C-FAP 2 has expanded coverage for additional agricultural commodities so make sure and review C-FAP 2.
- USDA has announced that dairy margin coverage program enrollment for 2021 opened up as of October 13, 2020. (DMC program).
- USDA has announced that October 30, 2020 is the deadline to sign up for the WHIP+ program which stands for Wildfire and Hurricane Indemnity Program as a result from the 2018 and 2019 losses due to hurricanes, floods, snow storms, tornados, typhoons and excessive moistures that occurred during those calendar years.
- If you utilize an operating line of credit, does your 2020 line of credit have enough availability to cover your expected fall expenses.
- If there are expected 2020 prepaid expenses being purchased as part of your year end, do you have a 2020 operating line of credit in place?
- If you are expecting to seal your grain and potentially utilize the FSA CCC loan program, please notify and consult with your operating lender prior to doing so.
- Do you have a capital replacement plan or budget?
- Do you, as a farm business, have scheduled anticipated capital improvements and purchases built into your cash flow?
2020 has been an interesting and challenging year considering the Coronavirus that has taken the world by storm. To date, we have had outstanding fall harvesting conditions which has accelerated harvest with the number of farm units completing harvest at this time with average to above yields and improved prices.
From all of us at Citizens Bank Minnesota, we wish you a continued safe and prosperous harvest!
By: Duane J. Laffrenzen, Vice President
Member FDIC/Equal Housing Lender
INVESTMENT AND INSURANCE PRODUCTS: Are not insured by the FDIC or any other federal government agency • Are not deposits of or guaranteed by a Bank or any Bank Affiliate • May Lose Value