Forage Farmers Get New Insurance Option Against Yield and Price Losses
A new Forage Production Revenue Protection insurance program is now available to forage farmers in several states, providing protection against yield and price losses. The program, which was first announced earlier this year, allows farmers to insure their forage crops against potential losses due to factors such as weather or market fluctuations.
The program leverages the relationship between forage prices and the futures prices of corn, soybean meal, and Class III milk to provide in-season price risk protection and more representative insurable values. Coverage is currently available in 12 states: California, Idaho, Iowa, Michigan, Minnesota, Montana, Nebraska, North Dakota, Pennsylvania, South Dakota, Washington, and Wisconsin.
A free educational webinar will be held on August 11 at 1:00 p.m. CDT to help farmers understand the new program and determine how it may help manage risk on their operation. The webinar will feature presenters Glenda Blindert and Brannick Sweetser, both members of the product development team for this new program.