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Minnesota crop insurance agent expects “fair amount of claims” based on revenues
A crop insurance agent who farms in southeast Minnesota suggests lower prices and weather challenges should trigger payments for this year’s crop.
Rob Tate of Cannon Falls says a major factor is the weaker corn market.
“We’re looking at yield guarantees, depending upon what policy somebody had. But if it’s an 85 percent policy, you’re going to be guaranteed more than your APH just because of the price drop.”
He tells Brownfield some farmers in his area will receive payments for hail damage, as well as revenue claims on corn and soybeans.
“We’re probably looking at bean yields ten percent below last year’s numbers, and so in many cases last year was some good bean yields. But overall I’m expecting to see a fair amount of claims in general just because of the revenue side of it.”
Tate says drought stress will also result in claims, especially for crops on lighter soils.
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Author: Mark Dorenkamp