A crop insurance agent says the risk management tool is becoming increasingly important as farm incomes are expected to decline in 2023.
Lee Waters with Farm Credit Illinois tells Brownfield grain farmers have seen strong prices the last three years.
“I feel like a big risk we have going into 2023 is price decline. One of these days we are going to raise a national record corn crop and if that happens we have a lot of high input costs in our crop, and it’s not just yield that you are protecting- it’s revenue.”
He recommends keeping coverage levels comfortably high and considering private coverage options like hail insurance.