ERP Update:
To my knowledge all of the ERP payments that were in question have had applications mailed to them for payment. FSA still has a rocky road ahead of them for appeals on either AGI issues or random missing units. I do not have a date for Phase 2 of payments at this time. To refresh memories phase 2 are payments for shallow losses and SCO, ECO and other area plans of insurance. So, during 2020 and 2021 if you triggered a MPCI loss you should have been paid by now. If you did not trigger a loss but did trigger a loss under ERP those losses should be paid under phase 2.
Harvest Price Updates:
Each week we try to send out the latest pricing update we have for the fall pricing on Corn, Soybeans, and Sunflowers. As you know these prices work in conjunction with your spring pricing set last February to establish guarantees. As of today, Corn is trading much higher than the spring price. To capture the higher fall price, you must trigger a production loss on corn. In the case of soybeans which are trading lower than the spring price, you do not need to trigger a production loss, you may qualify for a revenue loss. So right now, you may grow 5% higher than your guarantee on your crop insurance and still be in a possible loss situation. There is a lot of trading days before the price is to be set for both crops, but I wanted to give everyone a refresher on how losses can be triggered in an increasing price vs decreasing price environment.
Weather Reports:
We continue to tweak and refine our weather reports with Robb each week. Please let us know any information you would like to see in them or left out of them. Tell us what is important to you. I will post Rob’s cell phone and email, as well, for you to call him and ask any question you would like. For example, when is our next best chance of rain?
Rob Kupec (701) 964-1963
Rkupec@heritageinsservices.com
Harvest Reports:
SE region: There are pockets in the very se that did not receive rain for 3 months. Yields of course have suffered, average to slightly below average (Soybeans 25-40) (wheat 40-60). Corn is just starting but expect very much the same but be optimistic it will be better. The big difference in yield is quality of land, variety, and maturity.
NE Region: Dry beans for the majority took crazy wind in the spring and issues continued throughout the growing season. Most yields we have seen in the (500lbs-1800lbs) Soybeans were a surprise for most in the region with averages over 40 and some in the 50’s. Corn is just starting in the region with moisture at about 19%, which is too early to report any type of bushels but there are also indications it will be above average.
Central Region: Small grains were mostly all above average to excellent with very few quality issues. Canola and flax were mostly bumper crops. Dry beans were average to above average. Some areas of hail drowned out and lack of moisture triggered some production losses. Soybeans are above average and are surprising a lot of growers. There will be several producers whose overall average is highest in their APH, which is amazing for the lack of moisture from June-August. Some corn is starting and so far, looks to be very good in most areas.
West Region: Wheat overall was above average with good quality, some spotty losses. Soybeans are very average and is trading right below average to right above average (soybeans 25-35). Corn looks to be above average, but the breakout star looks to be sunflowers at this juncture.
As always if you have any questions or concerns, please do not hesitate to call! Enjoy the weather as long as it lasts and don’t forget to ask Robb any weather questions!