We?ve been seeing higher crop prices over the past few years, but there is still plenty of volatility in the ag marketplace. That means farmers will have to be flexible in the ways that they approach risk management, which is especially true when it comes to crop insurance. Doug Burns, vice president of insurance with Farm Credit Services of America, talked about how that will affect the way producers are approaching crop insurance.
There are several crop insurance decisions farmers need to consider first, especially with the elevated levels of price volatility. Most importantly, Burns said farmers need to know what their cost of production is.
With so many different options available for producers, it can be tough to know if they have the right crop insurance products. Burns said Farm Credit Services of America has a tool called Optimum that will help make those decisions easier.
Burns said it?s important to not overlook any additional risk management opportunities as well.
There may also be other risk management methods that can suit other areas of the farm. Burns said that?s why it?s important to talk with an agent who can determine what can work for your operation.
While we may have a bit of time before the sales closing date of March 15th, Burns said he encourages farmers to start the crop insurance conversation early.
For more information, visit fcsamerica.com.
