Spring 2020 Newsletter

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2020 PRICES

The prices in the chart reflect February
average market closing through the 24th. The final price will be nominally different,
but these can confidently be used in your 2020 projections. Contract pricing for
specific food grade types of soybeans can also be an option (see agent).

Conventional GrainOrganic Certified
Corn$3.91$8.73
Soybean$9.19$18.07
Wheat$5.59$12.25
Sunflower Oil$0.17$0.304
Sunflower Conf$0.228$0.304

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 Western MN counties.
CORN = April 11 – May 31
SOYBEAN = April 21 – June 10
WHEAT = March 21 – May 15

ADDITIONAL COVERAGE

We purposely choose not to promote many of the high dollar commission generators because we feel that such sales are detrimental to your farm and long term goals. We spend a lot of time at meetings learning about these products and contemplating their usefulness. The end result is almost always the same: High coverage = high premium. Sometimes it might pay something out, but in the long run, most of these products will cost you lots of money you could have invested elsewhere.

As always, nothing beats your federally subsidized MPCI. Utilize the 75 and 80 percent levels. Look at RPHPE and enterprise units as ways to control costs. Supplement that plan with a hail/wind policy on the top. It really is that simple. Maximize your subsidized policy before looking at private coverage.

UPDATES

  • We have a new website location at www.HaugenCropIns.com. It has improved access to insurance updates and links to relevant tools. Sign up for email updates to receive real time news and reminders from our agents. We send the updates so there won’t be a flood of irrelevant material.

  • The crop insurance program now includes provisions for hemp production. The revenue looks appealing, but some initial aspects of the policy are deterring. The first year a person grows hemp it is uninsurable. It has no PP coverage. Essentially, the cost and risk are extremely high, but it might still be something to look into. See one of us for more information on hemp

  • It is possible to get coverage for crops not in county actuarials – we just need more time to qualify coverage under a special written agreement.

  • ARC\PLC signup continues. Even though it’s not our program, we have been helping people with the decision making. Feel free to stop in and pick our brains.

  • Please keep your policy up to date on your marital status, this can affect your indemnity payment if not accurate.

COMPETITIVE ON SERVICE

Stress in the markets, fears of planting delays, high leverage situations – there will be more competition for your insurance business than ever before. In a perfect world, all agents would play fair and allow you to place business wherever you would like based on competitive service. We all now how some outfits are applying pressure, incentives, and sometimes threatening your loan.

If you are ever feeling pressured into moving your business to obtain a service or access a loan rate, take your cell phone out and inform the other party that you would like to record your conversation. Any pressure to procure your crop insurance by connecting it to a loan or any sort of rebate or kickback is a violation of federal law.


Thank You for your business, we look forward to working with you for 2020 and beyond.

Peter’s Cell 320-894-0747 www.haugencropins.com Madison Office 320-598-3332

Visit us about your 2020 strategy and planting intentions. With all the competition, there’s nothing better than having an independent agent provide honest advice that works in the real world.

Our business is to keep you in business.

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