We are already at that important time of the year again for farmers.....February. Projected harvest prices will be set by the end of the month. For most farmers in the midwest, the projected harvest price for corn is the average of December futures during the month of February. As of today we are averaging $4.03/bushel. As for soybeans, we are looking at the November futures during the month of February. Currently that number is at $9.58/bushel. To give you an idea of where we settled in 2018, corn was set at $3.96 while soybeans settled at $10.16. Will these numbers change much as we go through the month? Who knows but I would venture to guess that they will. As we do progress through the month we will be faced with some decisions on how to insure our crops. There are some great ways to do that including revenue protection, production hail, basic hail, and RAMP. RAMP seems to be getting alot of publicity lately and rightfully so. What I am seeing is that our yields have increased but our MPCI policies are falling short when it comes to covering all of the inputs that go into operating a successful farm business. RAMP allows a producer to protect the most vulnerable bushels--the bushels that make our farms profitable. The other nice thing about RAMP is its ability to protect all perils including drought, cold wet weather, disease, hail, etc. Don't get me wrong, hail policies have their place and will continue to be used. I just believe that it may be worth looking outside the box a little and see what else is available. If you would like to take a look at your options, please contact me anytime. I look forward to visiting with you.
email - [email protected]
cell - 320-226-4504
email - [email protected]
cell - 320-226-4504
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