Spring 2019 Newsletter

Downloadable Newsletter Version

2019 PRICES

The prices in the chart below reflect the February average market closing through the 15th and will change slightly after the final 8 trading days in February lapse and the official price announcement. Contract pricing for specific food grade types of soybeans can also be an option (see agent). 

Conventional Grain Organic Certified
Corn $4.01 $9.24
Soybean $9.57 $19.11
Wheat $5.84 $13.11
Sunflower Conf $.226

If you want quotes on any other insurable crops or plan on adding something new, see us before the contract deadline of March 15th

PLANT DATES

Any seeding prior to the first plant date annuls replant coverage. Dates apply to most Western MN counties. 

CORN = April 11 – May 31

SOYBEAN = April 21 – June 10 

WHEAT = March 21 – May 15 

ADDITIONAL COVERAGE

Once again, we are in the maximum coverage sales frenzy. Many agencies are out there promoting the ‘insure your profits’ or ‘gap coverage’ policies. Once again, our agents aren’t terribly impressed. There may be a few anecdotal scenarios that benefit an operation here or there, but overall, these plans are just not as effective as the federally subsidized multi-peril policy. Until you can justify the 85% level on your base policy, there may not be much reason to even look at these add-on, unsubsidized options. If you do wish to look at something or have a specific concern, RCIS does have a competitive group of add-on plans we can quote. 

POLICY UPDATE

There really wasn’t much new in the Farm Bill that was signed in December. Sugarbeets will now insure  production by pounds of sugar instead of raw tonnage. 

Dry Peas in our area can only be insured by submitting a written agreement prior to March 15th. This is no guarantee of insurance, just a request, so get it in as early as possible. 

Enterprise units can now be made across county lines, in some instances. See an agent for more details. 

RCIS has implemented a ‘DocuSign’ system that enables you to sign claim papers through a simple weblink by email – no login or passwords. We encourage you to use this feature during the claims process. Visit www.rcis.com for more info. 

2019 OUTLOOK

HTTPS://APPS.FAS.USDA.GOV/ESRQUERY/EGRAPH5Y.ASPX 

This chart shows weekly exports to China. The green line is the 5 year average, blue is the 17-18 market year, and if you can see the red line, that is the current 18-19 exports to date. If a trade deal is worked with China, do you think it is realistic that the US will catch up with exports there? In the 17/18 marketing year, the US exported 27mmt to china. China has been saying they would import 5-7mmt from the US this year, leaving approximately 20mmt or about 732 million bushels in our stocks. 

Capitalizing on marketing windows and controlling costs will be crucial this growing season. If you are unsure how to tie a marketing plan in with your crop insurance, please come and talk with one of us. By plugging in your planting intentions, we are able to get a good overview of what your farm will look like in the coming year and then do what-if scenarios. 

WWW.HAUGENCROPINS.COM

Madison 320-598-3332 Ortonville 320-839-2896

Peter 320-894-0747

Tim 320-305-1315

Duane 320-226-5056 

*All charts and figures on the following pages were created by Haugen Insurance Agency and will vary by farm* 

INDEPENDENT INSURANCE AGENTS SPECIALIZING IN MULTI-PERIL AND CROP HAIL COVERAGE SINCE 1986

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