Posts Tagged ‘ Crop Insurance ’

2017 Spring Planting

spring planting

Well it’s that time of the year again! Spring is a very busy time – planters are out of the shed, and farmers are eager to put the seed in the ground.  They are trying to get a lot of acres planted in a short amount of time, putting long hours in.  Please remember to slow down and be safe out there.

With April 11th past us, farmers will have full crop insurance coverage and replant coverage for their 2017 corn crop, as that date is the earliest date RMA allows farmers to plant corn to receive replant coverage. (April 21st is the earliest planting date for soybeans to receive full crop insurance coverage and replant coverage.) The 2” soil temperature read 50 degrees at the University of Minnesota Southern Research and Outreach Center in Waseca, MN on April 14, 2017, which is the temperature it takes to germinate corn seed.  With the wet forecast that is predicted farmers are going to be chomping at the bit to get into the field any chance they get.  Keep in mind that it can take three weeks for corn to germinate at 50-55 degrees soil temperature and only 10-12 days at 60 degrees.  That being said, try to be patient and not mud in your crop.

July 15th is the acreage reporting deadline for crop insurance.  I know this sounds like a long time away, but with planting and then spraying, the time slips away from you.  Please remember to go to the FSA offices and certify your acres first. Then bring your FSA 578’s to your crop insurance agent to report your acres.

When you’re sitting in the planter, it gives you a lot of time to reflect on your farming operation.  Now is the time to evaluate planting, spraying, or harvesting equipment, whether it needs replacing or upgrading to be more successful.  Coming off of a wet fall reminds us where we may have drainage problems in our fields.  Well drained fields play a huge factor in your crop yields, determines the planting conditions in spring and the ease of harvesting the crop in the fall.  Every operation is different.  Take the time this summer and sit down with your lender to determine the feasibility, the debt service, and pay back of your projects/purchases.  We always work hard to put together the best loan package that fits your needs.

Nobody knows what Mother Nature will bring us this year, but here’s to a safe and productive 2017!

By: Nick Peterson, Asst. Vice President

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

Spring Planting – Certify Your Acres

spring planting

It is spring and soon farmers will be racking the long hours to get their crops planted. For all of the producers who carry Multiple Peril Crop Insurance (MPCI) remember that your spring planted crops have an acreage reporting date of not later than July 15th in our area. This may seem like a long way off but a combination of a later spring and busy schedules will bring up this deadline sooner than you think. I recommend that within a few days of when you finish planting your final acre you should go in to your FSA office and certify your planted acres of each crop. The same day that you certify with FSA please stop and see your crop insurance agent to also certify your acres for your MPCI coverage. When you meet with your agent you will need to have both your FSA field maps and your 578 forms. By going to FSA first you will have accurate acres and planting dates for your MPCI acreage report which will save you a lot of time in the long run.

A benefit of getting your acres reported as soon as you can in the season is that the Insurance Provider can send your Schedule of Insurance to you much earlier. This means you will have accurate information regarding your bushel and dollar coverage as well as your final premium. Having this information early in the summer undoubtedly will help you with your marketing decisions.

Have a safe and productive spring.

By: Pat Brennan, Vice-President

 

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.

2013 Harvest Season

Harvesting

The 2013 harvest season is here.  During this busy season, it is important that we do not forget about farm safety.  Farmers should be checking their equipment to make sure that all safety equipment is in place – safety shields, fire extinguishers, etc.  The fall season brings us shorter daylight hours, so make sure that you have adequate lighting, flashers and reflective strips on your equipment. Most important of all, let’s all slow down on the rural highways and keep a watchful eye for slow moving vehicles and equipment.

Farm producers need to keep several things in mind when they begin to harvest their crops.  Be aware of your crop insurance coverage.  You will find that this year’s crop yields will be extremely variable.  We experienced many challenges planting the crop and then moisture was very limited during July and August.  If you notice your yields are below or near your insurance guarantees, contact your crop insurance agent immediately so that a claim can be filed.  Claims need to be filed within 10 days of harvest completion.  Please keep load records of yields from each farm and mark your bins if you are co-mingling production from several farm units.  This is important even if you are on enterprise units so that you retain that individual farm yield history in event that you change your insurance plan in the future.  Also, if you are comingling 2013 crop with carry-over 2012 crop inventory, you need to request a measurement of the 2012 crop on hand.  Without a measurement, your 2012 crop would be counted as 2013 production on 2013 crop claim.

If you need a crop appraisal in the field, you need to leave a four- row strip the entire length of the field.  You should have a strip for every 20 acres.

Once harvest is completed, report your yields to your agent as soon as possible while the data is readily available.  This year some producers may have a revenue claim on their crop insurance policy.  This may be the case in corn as currently, December 2013 corn is over $1.00 lower than the established spring price guarantee of $5.65.  If you have any questions about crop insurance, don’t hesitate to ask any of our crop insurance agents.

The harvest season gives our producers time to reflect on their equipment needs as they spend many hours in their tractors and combines.  When evaluating those needs, please consider Citizens Bank Minnesota for financing those needs.  We offer very competitive interest rates and flexible repayment terms.

All of us at Citizens Bank Minnesota hope for a safe and bountiful harvest.

By: Kevin Yager, Vice President

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.

Requirements to Transfer Crop Insurance

We all realize how important it is to get the next generation involved in production agriculture. One area in which parents should involve their sons and daughters is crop production in order to prepare them to take over the crop operation at some time in the future. At that time, it would be a great benefit for the new persons to be able to utilize and transfer the yield production history on any of the land that their parents operate. In order to be eligible to transfer the prior history, the new persons must have participated in the operation and in the establishment of the approved yields of the specific acres to be transferred. To meet this requirement, the new persons must have:

  1. Participated in management decisions

AND

  1. Have performed physical activities necessary to produce the crop on that same acreage.

In other words, sons and daughters can only transfer mom and dad’s yield history for specific acres as well as specific years in which they were physically involved with producing the crop and active in assisting with management decisions in producing the crop. So, in order for the next generation to take advantage of the strong production history built up by their parents, it is important for parents to get the kids involved early in the operation and document their involvement.

By: Pat Brennan, Vice President

 

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
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