Consider ag input prices when planning 2022 crop insurance
Record high ag input prices could trigger some changes to 2022 crop insurance coverage decisions.
Heather Greenwalt with Farm Credit Illinois tells Brownfield input prices are top of mind for both producers and crop insurance agents this year.
“It’s going to be super important that we look at their guarantees and make sure their crop insurance policy is set up to cover their operation if we do have a disastrous year.”
She says the situation may not require an increase in crop insurance for every farm, but she recommends farmers consider that uptick in bottom line risk when finalizing their insurance plans.
“The higher your input prices, the more important it is that we have a strong market, and we have grain to sell. Should we not have a strong market or much grain to sell to cover those elevated inputs, we want crop insurance to be able to kick in and help them manage that risk.”
Brownfield interviewed Greenwalt at the Fielding Forward Crop Insurance Meeting hosted by Farm Credit Illinois in Mt. Vernon.