Be sure to compare ‘apples to apples’ for costs

THIESSE, from pg. 16 gram choice for 2023. Producers can utilize both ECO and SCO together, in addition to their underlying revenue protecion, RPE, or yield protection insurance policy.

It is possible for a producer to collect on an individual revenue protection policy, but not collect on a SCO or ECO policy — or vice versa. For example, a producer with an 80 percent revenue protectin policy may have a loss which qualifies for an insurance indemnity payment on a farm unit, while the county as a whole may not meet the threshold to qualify for a SCO or ECO payment. It could also be possible to collect a SCO or ECO payment for a countylevel revenue loss, while not qualifying for a revenue protection insurance indemnity payment at the farm-level. Interested producers should check with their crop insurance agent for details on SCO and ECO insurance coverage and premiums for 2023.

Key items to consider increase in premium costs. Many producers will be able to guarantee near $800 to over $1,000 per acre for corn, and near $500 to over $700 per acre for soybeans at the 85 percent coverage level for 2023. Refer to Tables A and B for 2023 corn and soybean examples with revenue protection and yield protection insurance coverage.

There are a wide variety of crop insurance policies and coverage levels available. Make sure you are comparing “apples to apples” when comparing crop insurance premium costs for various options or types of crop insurance policies, as well as recognizing the limitations and the differences of the various insurance products.

2023 crop insurance premiums for most coverage levels of corn and soybeans in the Midwest will be comparable 2022 premium levels, due to somewhat similar crop insurance guarantees available for 2023.

Evaluate SCO, ECO and other “buy-up” insurance options. In addition to the government-subsidized SCO and ECO county-based insurance products which allow insurance coverage up to 95 percent coverage, there are also “buy-up” private policies using farm-level yields up to 95 percent coverage. Private companies also offer separate wind and hail insurance endorsements. Of course, any of the “buyup” or “add-on” insurance options add to the premium cost. Producers need to ask, “What mix of crop insurance products gives me the best risk protection for the premium amount that I am willing to spend for protecting my 2023 crop investment?”

A reputable crop insurance agent is the best resource to find out more details of the various crop insurance coverage plans, and premium quotes, as well as to receive assistance with putting a sound risk management program in place for the 2023 crop year. Write to me for a free copy of an information sheet titled, “2023 Crop Insurance Decisions.” at kent.thiesse@minnstarbank.com.

There are also some very good web sites with crop insurance information: USDA http://www.rma.usda. gov/; University of Illinois http://www.farmdoc.illinois.edu/cropins/index.asp; Kansas State University, https://agmanager.info/crop-insurance; and Iowa State University, https://www.extension.iastate.edu/ agdm/

Editor’s note: Kent Thiesse recently received the “Golden Pitchfork” award at the recent Minnesota Farm Bureau Federation Young Farmer and Rancher Leadership Conference. “The Golden Pitchfork Award is presented to someone who is not afraid of hard work and heavy lifting,” the Farm Bureau said. “Thiesse has excelled in helping young farmers and ranchers succeed over his throughout 40-year career. Over the past few years, he has taken the time to assist with the Farm Bureau Achievement Award contest at the state and national level, helping competitors showcase their opportunities and accomplishments. Thiesse has also provided timely farm management information to assist young farmers across the State, as well as giving leadership to the excellent educational forums at Farmfest each year.”

Kent Thiesse is a government farm programs analyst and a vice president at MinnStar Bank in Lake Crystal, Minn. He may be reached at (507) 726-2137 or kent.thiesse@minnstarbank.com. v

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View crop insurance decisions from a risk management perspective. Given the significantly higher crop input costs in 2023 and the high degree of crop price volatility, it may be more important than ever to have adequate crop insurance coverage. A producer must decide, “How much potential profit margin do I want to risk if there are greatly reduced crop yields due to potential weather problems in 2023 and/or lower than expected crop prices by harvest time?”

Take a good look at the 80 or 85 percent coverage levels — especially when using enterprise units. In many cases, the 85 percent coverage level offers considerably more protection, with a modest

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NEW NH T4.75, T4.90, T4.120 w/loader On Order

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WANTED: Land & farms. I have clients looking for dairy, & cash grain operations, as well as bare land parcels from 40-1000 acres. Both for relocation & investments. If you have even thought about selling contact: Paul Krueger, Farm & Land Specialist, Edina Realty, 138 Main St. W., New Prague, MN 55372. paulkrueger@edinarealty.com (612)328-4506

FOR SALE: PTO generator on wheels with cord, Winpower tested regularly, $2,000. 507274-5249 or cell 507-360-5600 www.thelandonline.com

FOR SALE: Grass Hay 5X5 Rounds, asking $50/per bale. Also 3x3x8 Big Squares, asking $95/each. 507-227-2602

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Glyphosate 5.4 totes, $23.50 w/ free shipping; Gen Liberty totes, $49; Enlist 1 totes, $51. We ship most everywhere & all tote prices include Free Delivery to your farm or business. Please call or text for any other chemical needs. Phone 612-210-3685

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