Wheat prices soar in price war for planting intentions - Crop Insurance becomes more important

NATIONAL CROP INSURANCE SERVICES

8900 Indian Creek Parkway, Suite 600

Overland Park , KS 66210

FOR IMMEDIATE RELEASE
September 11, 2007
For more information please contact Jan Eliassen at 410-778-0120 or Laurie Langstraat (913-685-2767)

Wheat prices soar in price war for planting intentions
Crop Insurance becomes more important

The futures prices for wheat have gone over $6.00 a bushel and, if you have last year’s crop in storage, there is a good chance you can get over $7.00 per bushel for that.

The people who need wheat seem to be worried that high corn prices will mean that not enough acres will be planted wheat. They are creating incentives that could shift land some land away from corn and towards the wheat to soybeans rotation.

All that makes the October 1 deadline (September 30 falls on a Sunday so the deadline is extended) to sign up for federally subsidized crop insurance on fall planted crops that much more important.

Revenue insurance polices like Crop Revenue Coverage (CRC) and Revenue Assurance (RA) can protect producers not only from yield loss, but also from price fluctuations.

As one farmer put it, “We are not insuring bushels of yield, we are insuring dollars of income.”

The most commonly insured fall planted crops include: winter wheat, oats, barley, forage production, alfalfa seed, and, mint.

October 1, is also the deadline for making any changes to existing policies. Not all crops nor all types of insurance coverage are available in every county. For more information, check with a private crop insurance agent well before the October 1 deadline.

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NATIONAL CROP INSURANCE SERVICES

Wheat prices soar in price war for planting intentions Crop Insurance becomes more important

Wheat prices soar in price war for planting intentions
Crop Insurance becomes more important