HeartBeat Winter 2018 | Page 20

RISK MANAGEMENT Six Items to Discuss With Your Crop Agent By Shane J. Albertson Each growing season gives us something unique to remember it by, and 2018 has been no different. For many in Missouri, what started out as a great planting season gave way to summer drought and was quickly followed by a wet and snowy fall. Harvest began early in many areas of the state, but continued to drag on into late December as producers struggled to finish harvest. For some, 2018 has been the gift that keeps on giving – headaches that is. Looking into the new year we continue to face a prolonged period of compressed margins and some operations are experiencing changes in their financial position. We suggest an annual appointment to facilitate conversations regarding changes to your operation or adjustments that may be necessary to improve your insurance coverage. Here are a few things we believe producers should be focused on regarding crop insurance in 2019. MARKET FACILITATION PROGRAM (MFP) AND CROP INSURANCE • The MFP program is being administered at your local Farm Service Agency (FSA) office. We encourage you to contact FSA for details. In some instances FSA offices have requested crop loss production to document MFP program payments. If you need any loss information, please contact your agent. We also recommend that you are careful to submit consistent and accurate 2018 production information to both the FSA office and to your crop insurance agent. • PRODUCTION REQUIREMENTS • On-farm storage is being used by many producers as they wait for grain prices to recover. Producers need to be disciplined in keeping detailed load records and marking settlement sheets or tickets as the grain is sold with what crop year and unit the production is from. • Production reporting forms now require a yield type to be submitted with producer certified production history. Typically, a list of yield types are on the back page of the production report. If more than one yield type represents the production being reported, list the one that is most applicable. During each agent meeting we attend, the insurance companies continue to stress the need for accurate production records. If you have commingled production between units, be sure that you notify your crop insurance agent and document the commingled production on your production report. In any audit where production records cannot be substantiated, or where records were reported incorrectly, assigned yields will apply. These will negatively impact your insurance guarantees and unit structure. WHEAT DESTRUCTION • With wet weather conditions and delayed harvest, sowing wheat has been difficult and we are now hearing reports about poor crop emergence. This is a good time to remind producers about their responsibility to report any insured crop to their agent before destroying it. In much of Missouri the timeframe of destruction can determine how a crop planted behind the first insured crop is handled by your insurance policy. We recommend contacting your agent at the first sign that you think you may wish to destroy an insured wheat crop. 20 HEARTBEAT | WINTER 2018