By MICHELE F. MIHALJEVICH
Indiana Correspondent FORT WAYNE, Ind. — It’s probably too early for farmers to decide for certain if they’ll need to use their crop insurance to recoup planting losses this season, a regional director for the Risk Management Assoc. (RMA) said last week.
In parts of the Midwest, including southern Illinois and Indiana, farmers are behind in planting corn and soybeans because of wet weather, said Michael Alston. Alston’s region covers Ohio, Michigan, Indiana and Illinois. The headquarters are in Springfield, Ill.
“Indiana is worse off than in Illinois,” he said. “But the critical time for farmers will be later this summer - mid-July for corn and mid-August for soybeans. They’ll need to get the right amount of precipitation then.”
RMA, a USDA program, is a federal crop insurance program delivered through 18 private insurance companies. Because the federal government sets the rates, premiums would the same for similar coverage regardless of which agent is used, he said. If poor planting weather continues, farmers will need to decide what, if any, crop insurance option to consider, he said.
For corn, the final planting date was June 5, though there is a 20-day late planting period, with a one percent reduction per day in guarantee.
If planting couldn’t be done, farmers could be eligible for prevented planting payments.
If what they were able to plant is now underwater, they could be eligible for replanting payments, he said.
The final planting date for soybeans is June 20, though farmers will also have a 20-day late planting window.
“Soybeans are lagging behind in Indiana, especially southern Indiana,” he said. “Prevented planting payments will probably come into play.”
Knowing how and when to use crop insurance is crucial, Alston said.
“That’s always the million dollar question,” he said. “As for the weather, we still just have to keep our fingers crossed. But producers monitor the weather, and they’re pretty ingenious in getting their crops in. I don’t think we should be alarmed yet.” |
