Small Grains are in full swing of harvest at the moment and I am the first to admit I was wrong! Yields, for the most part, are coming in way higher than anticipated. We had expected low yields across most of the state due to hot weather, and hot blowing wind while the crop was stooling. While we do have some areas in the SE and central that virtually did not have any rain, those areas have the misfortune of those early predictions of lower yields.
There have been rumblings of delaying delivery of barley up to a year. Two years ago, RMA changed the language of quality to allow us 90 days from harvest to get samples. To get ahead of any potential problems we suggest sending samples to your maltster immediately upon harvest to assess any potential issues. Of course, the Federal Adjusters will need their own samples but at least this way we will have an idea of what we are dealing with.
All samples of wheat must be taken within 60 days of harvest to be eligible for quality adjustment payments.
On July 31, the USDA announced that it would provide additional time for policyholders to make payment of premium and administrative fees (MGR-23-004). Interest accrual on premium payments and administrative fees will be waived to the earliest of an additional 60 days of the scheduled payment due date or the termination date for policies with premium billing dates between July 1, 2023, and September 30, 2023. After this time, interest will accrue at the standard rate of 15% per annum.
Under MGR-23-004, no premium interest will be owed unless the insured has not paid the premium by November 30. Then, as of December 1, the insured would owe the premium plus one month of interest. Interest will continue to accrue until the balance is paid in full. Any claims or potential claims that have not been settled by November 30th will not offset premium without interest. So, to avoid interest please have premiums in the mail before Thanksgiving.
AgriSompo – Due 11/1. Interest will be attached at a rate of 1.25% per month on unpaid balances 30 days after the due date.
Great American – Due 11/1. Interest will be attached at a rate of 1.25% per month on unpaid balances 30 days after the due date.
RCIS – Hail Premium Due 12/1. Interest will attach at a rate of 1.25% per month on unpaid balances 60 days after the due date.
End of Insurance and claims reporting for Small Grains:
The end of Insurance is the day you harvest your crop or October 31st whichever comes first. To avoid any issues with payment of claims please have all your potential or known losses reported as soon as you notice the loss, not to exceed October 31! You may report production by crop if you wish the office to check for potential losses as well as having bins measured.