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Since Sept. 1, soybean prices on the insurance indemnity payments, due to Chicago Board of Trade have tended to be reduced yields. A yield reduction below slightly lower, while CBOT corn prices APH yields will be necessary in order to have remained mostly steady. However, receive any 2022 crop insurance payment prices for both have remained at very for corn, due to the final corn harvest solid levels. price likely to be higher than the spring Maintaining crop prices at favorable levels is certainly welcome news to all producers — especially those facing reduced crop yields due to the limited FARM PROGRAMS base price. This situation for soybeans may be different if the current harvest price trend (as of Oct. 7) continues through October. rainfall this year. For farmers with By Kent Thiesse The Federal crop insurance harvest reduced crop yields in the 2022, the prices for corn and soybeans are current trend of CBOT commodity prices will have an impact potential MARKETING based on the average CBOT price for December corn futures and 2022 crop insurance payments. Farm November soybean futures, during operators in the upper Midwest with final corn the month of October. The harvest prices will be yields near or slightly below their 2022 crop insur- finalized by the U.S. Department of Agriculture’s ance actual production history crop yields will likely Risk Management Agency on Nov. 1. The final harnot receive any crop insurance indemnity payments vest prices will be used to calculate the value of the
That situation may be different for soybeans. 2022 harvested crops for all Revenue Protection crop insurance policies, as well as to potentially
Crop producers in Nebraska, South Dakota, west- determine the revenue guarantee for the RP policies ern Iowa, portions of Minnesota, and other states which include harvest price protection — if the harimpacted by drought conditions during the 2022 vest price is higher than the base price. This will growing season may have final corn and soybean likely be the situation for corn RP policies in 2022. yields well below their APH crop yields. Yields in The estimated 2022 harvest prices as of Oct. 7 were other areas of the upper Midwest may have also $6.83 for corn and $13.76 for soybeans. been impacted by severe storms. Farmers in any of these areas could potentially realize some 2022 crop The established base (spring) prices for 2022 RP and Yield Protection crop insurance policies were $5.90 per bushel for corn and $14.33 per bushel for soybeans. The base price will be used to calculate and crop insurance indemnity payments on farms insured by YP policies in 2022, as well to determine the revenue guarantee for corn and soybeans insured by a RP policy that did not include the harvest price option. The base price is also used to determine revenue guarantees for RP insurance policies, if the harvest price is lower than the base price. It is likely that the soybean base price will also be used for soybean RP policies in 2022, since the final soybean harvest price will likely be below the base price.
Optional units vs. enterprise units
Farm operators in areas with variable yield losses on different farm units who chose optional units for their 2022 crop insurance coverage rather than enterprise units may be in a more favorable position to collect potential indemnity payments on this year’s crop losses. (Enterprise units combine all acres of a crop in a given county into one crop insurance unit, as compared to optional units, which allow producers to insure crops separately in each township section.) In recent years, a high percentage of crop producers have opted for enterprise units, due to substantially lower crop insurance pre-
See THIESSE, pg. 11A
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Grand Champion Market Beef:$50,000 (*)
Exhibitor:TaylorLacek,Lincoln County Buyer:Ames Construction
Reserve Champion Market Beef:$23,000 (*)
Exhibitor:RyanHegland,Dakota County Buyer:MNFarmers Union Foundation, Farmers Union Agency, Farmers Union Industries,and Von Hanson’s Meats
Grand Champion DairySteer:$24,000 (*)
Exhibitor:Lex Lewison, SteeleCounty Buyer:American FoodsGroup,Central Livestock Assn., and O& SCattle Co.
Minnesota State Fair “43rdAnniversary 4-HMLBAPurpleRibbonAuction”
Total 20224-H Auction Premiums=Over$1,000,000(*) 115 4-H Exhibitors~Over1,600 Auction Buyers
Grand Champion Market Barrow:$19,450 (*)
Exhibitor:CarterRodning,Nicollet County Buyer:Cargill Animal Health &Nutrition andK& S Millwrights
Reserve Champion Market Barrow :$16,900 (*)
Exhibitor:AbbyBeaty,FreebornCounty Buyer:MNFarmers Union Foundation, Farmers Union Agency, and Farmers Union Industries and Hormel Foods
Grand Champion Meat Goat:$9,000 (*)
Exhibitor:Khloe Nelson, SteeleCounty Buyer:MNFarmers Union, Farmers Union Agency &Farmers Union Industries and Grundhofer’s Old Fashioned Meats
Reserve Champion Meat Goat:$11,575 (*)
Exhibitor :Anna Ridenour,Dodge County Buyer:Long Cheng Hmong Meatsand Dodge County Purple Ribbon Club
Grand Champion Market Gilt:$18,500 (*)
Exhibitor:Madison Simon, FillmoreCounty Buyer:Cemstone
Reserve Champion Market Gilt:$14,000
Exhibitor:Jakob Rasmussen, Jackson County Buyer:Hog Slat,PALS, Wilson Trailer,Beck’s Hybrids and Tod&Lisa Quiring
Grand Champion DairyMeatGoat: $13,250 (*)
Exhibitor:Bronson Shea, Olmsted County Buyer:Olmsted County 4-HAuction Supporters
Grand Champion PenofChickens: $4,550 (*)
Exhibitor:Benjamin Walechka, Waseca County Buyer:Murray-McMurray Hatchery, Hoovers Hatcheryand MN StatePoultryAssn.
Grand Champion Market Doe: $12,375 (*)
Exhibitor:Tegan Ridenour,Dodge County Buyer:Swanson Meatsand DodgeCounty Purple Ribbon Club
Reserve Champion PenofChickens: $3,900 (*)
Exhibitor:Kaitlyn Schiebout,Mille Lacs County Buyer:Larry &MarkPeterson and Friends of Mille Lacs County 4-H
Grand Champion Market Lamb: $11,500 (*)
Exhibitor:Grace Arthur,Steele County Buyer:Summit Carbon Solutions
Grand Champion PenofTurkeys:$8,500 (*)
Exhibitor:Kelly Knisley,Kandiyohi County Buyer:MNTurkeyGrowers Assn. and Jennie-O Turkey
Reserve Champion DairySteer:$17,000 (*)
Exhibitor:Tyler Erickson, Freeborn County Buyer:American FoodsGroup
(*) denotes anew record pricein2022.
Reserve Champion Market Lamb: $8,225(*)
Exhibitor:Kalli Nelson, SteeleCounty Buyer:MNFarmers Union Foundation, Farmers Union Agency, and Farmers Union Industries
Reserve Champion PenofTurkeys:$8,000 (*)
Exhibitor:Bryce Frericks,SternsCounty Buyer:MNTurkeyGrowers Assn., Melrose Feed Mill and Stearns County 4-HSupporters
Atotal of 53 outstanding 4-H junior leaders were awarded$118,000 in 4-H Auction Scholarships through the MLBA4-H Purple Ribbon Auction in 2022.
80 percent of the proceeds from the 4-H Purple Ribbon Livestock Auction go to the 115 4-H youth participants,with the balanceofthe funds used to fundspecial youth animal science projects and programs throughout the year,aswell as to help fund the 4-H Auction Scholarships.Anadditional $69,000 wasraisedin2022tohelp support4-H Auction Scholarship Program.
Other“Champion Buyers’Club”Donors ($5,000.00 or moreincontributions):
Compeer Financial MN Farm Bureau Ag Partners Boehringer Ingelheim FeatherliteTrailers Tim&Shari Magnuson Nielsen Seeds O’Sullivan Cattle and O’Sullivan Auctioneers Becker Co.Purple Ribbon Club Dakota Co.Purple Ribbon Club Faribault Co.Purple Ribbon Club FillmoreCo. Purple Ribbon Club Freeborn Co.Purple Ribbon Club Goodhue Co.Purple Ribbon Club Jackson Co.Purple Ribbon Club Martin Co.Purple Ribbon Club MowerCo. Purple Ribbon Club Steele Co.Purple Ribbon Club 4-H Auction$4,000 ScholarshipWinners For2022_ *** Overall Scholarship Sponsor --- Ames Construction ***
Name:
Mackenzie Alberts,Olmsted Co. Natalie Beckendorf, Renville Co. Nathan Bobendrier,Pipestone Co.
AlyDieball,Sibley Co. Catie Erickson, Polk Co. Tayler Franz, Cottonwood Co. Matthew Friemann, Washington Co. Ryan Hegland,Dakota Co.
Sponsor:
Skyride DMC, DonMcClure American Foods Group Dick BonifaceMemorial sponsored by Family &Friends ZinproCorporation ZinproCorporation Cargill Animal Health &Nutrition CorTrust Bank VonHanson’s Meats
Name:
Makayla Moline,Nicollet Co. Anna Ridenour,Dodge Co. Allison Reints,LeSueur Co. Brielle Ruen, FillmoreCo. Magen Tol, YellowMedicine Co. Hannah Wetzel,RiceCo.
Sponsor:
Boehringer Ingelheim Brian &BarbaraKnudson Ziegler Ag Equipment Cemstone Chuck Christians Memorial sponsored by Family &Friends O’Sullivan Cattle &O’Sullivan Auctioneers Ziegler Ag Equipment
