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Agricultural News

Three Days Left- September 30th is Crop Insurance Deadline for Wheat and Other Small Grains

Tue, 28 Sep 2010 4:12:03 CDT

Farmers who raise wheat and other small grains that are planted in the fall face a Crop Insurance Deadline of Thursday, September 30, 2010. Scott Bulling with Oklahoma Farm Bureau says that buying a crop insurance policy, expecially one of the Revenue Assurance policies, is one of the best investments that an Oklahoma wheat producer can make year in and year out. More money has been paid out in federal crop insurance than in either direct payments or countercyclical payments in recent crop years.


Bulling explains in a conversation that we had with him on Friday that there are two major types of crop insurance available to producers for the 2011 crop- the equivalent of the old multiperil policies and a Revenue Assurance policy. He adds it is one of the most complicated insurance policies of any type that you will buy- so it's important that if you have not yet signed up for coverage for the 2011 crop- you make contact with a crop insurance agent immediately with the deadline coming up on September 30.


In both cases, the base price for wheat in Oklahoma has been computed at $7.14 per bushel. For the Yield Proection Policy, if the price falls below that level- there is no loss paid- only if you suffer a loss in yield. However, they have combined previous Revenue based policies- and they are using that same $7.14 per bushel. If you suffer a loss in yield- you can get a payback- and if the price falls below that level over the course of this coming year- you would get a loss payment as well. Bulling says based on wheat stocks and other market considerations- producers should at least look at the Revenue based policy for the 2011 crop.


It's also important to remember that in order to maintain your elgibility for any possible disaster assistance from the SURE program- you have to have purchased a minimal level of crop insurance.


Click on the following link for more information: USDA Risk Managment Agency, Oklahoma City Regional Office


Click on the LISTEN BAR below to hear Radio Oklahoma's Ron Hays visit with Scott Bulling about the September 30th crop insurance deadline.







   

Ron Hays talks with Scott Bulling with the Oklahoma Farm Bureau about Crop Insurance Options for the 2011 Wheat Crop right-click to download mp3

 

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