Producers should continue reviewing crop insurance options

Mar 02, 2023

A Kansas State University agricultural economist is encouraging farmers to know their options before considering a pair of crop insurance policies that would allow them to increase their coverage for row crops beyond what is allowed for individual policies.

Jenny Ifft said the March 15 deadline to sign up for crop insurance includes options for what is known as high coverage crop insurance. They include the Supplemental Coverage Option (SCO) and Enhanced Coverage Option (ECO).

“High coverage policies — such as SCO and ECO and Margin Protection that is purchased in the fall — represent a different approach to managing risk that requires a larger upfront investment,” Ifft said. “I suggest producers work closely with an agent to make sure you fully understand what you are getting into.”

Crop insurance is purchased by farmers and subsidized by the U.S. government to protect against the loss of their crops due to natural disasters, or loss of revenue due to declines in the price of the particular crop they’re insuring.

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Video: Why Invest in Canada’s Seed Future? | On The Brink: Episode 3

Darcy Unger just invested millions to build a brand-new seed plant on his farm in Stonewall, Manitoba so when it’s time for his sons to take over, they have the tools they need to succeed.

Right now, 95% of the genetics they’ll be growing come from Canadian plant breeders.

That number matters.

When fusarium hit Western Canada in the late 90s, it was Canadian breeders who responded, because they understood Canadian conditions. That ability to react quickly to what’s happening on Canadian farms is exactly what’s at risk when breeding programs lose funding.

For farmers like Darcy, who have made generational investments based on the assumption that better genetics will keep coming, the stakes are direct and personal.

We’re on the brink of decisions that will shape our agricultural future for not only our generation, but also the ones to come.

What direction will we choose?

On The Brink is a year-long video series traveling across Canada to meet the researchers, breeders, farmers, seed companies, and policymakers shaping the future of Canadian plant breeding. Each week, a new story. Each story, a piece of the bigger picture.

Episode 3 is above. Follow Seed World Canada to catch every episode, and tell us: Do you think the next generation will have the tools they need to success when they takeover? How is the future going to look?