Canola TV-Canola Crop Insurance Deadline LoomingThu, 23 Aug 2012 15:51:28 CDT
Bambi Sidwell from Sidwell Insurance says the deadline is fast approaching for producers to insure their 2012-2013 canola crop. The deadline is August 31 and Sidwell says the price is now set.
“The price is .272 cents per pound which equates to about $13.60 a bushel so now we can run firm quotes if producers are wanting to know what the cost is per acre for the different plan designs.”
She said producers thinking about planting canola need to check with their crop insurance agents now to determine proper coverage before the planting window opens. She said producers must commit to a plan before August 31st. If, for some reason, the producer does not plant canola after all, there is no obligation to pay for the insurance.
It is also important to keep in mind that the crop must be planted between September 10th and October 10th, but there is a five-day late planting window that extends the deadline to October 15th.
Sidwell said canola insurance is very similar to other crop policies with the exception of only two levels, 50 and 75 percent. Other grain crops have an 85 percent option as well.
Ten counties in Oklahoma are approved for canola insurance without having to file extra paperwork. Applications in non-approved counties must be filed by August 31st.
You can find more information about crop policies from the USDA’s Risk Management Agency by clicking here.
You can also check with your local crop insurance agent or contact Sidwell Insurance by clicking here.
You can see today's conversation with Bambi Sidwell on CanolaTV by clicking on the play button in the video box below. CanolaTV is a service of PCOM, Producers Cooperative Oil Mill- click here to learn more about how they serve cotton and canola producers across the south.
Our YouTube channel has several dozen past episodes of CanolaTV, with a lot of great information about producing and marketing winter canola in the southern plains- click here to go there.
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