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| Where basis comes into play on my operation makes a huge difference. I had a great looking crop and hail hit me hard. I grew 1 bushel over my guarantee but because of basis I actually got about 60 bucks an acre less than my guarantee was - no loss. A big deal to my pocket - I am not about collecting insurance, but what hurt me the worst was that I did not cover my inputs due to the hail and federal did nothing for me. I still have to figure out how to pay that fert!
Grain that I feed, they told me would be priced as if I would sell it at the local elevators where I sell everything else. Seems fair?
He said they cover hedging, but we did not talk how that works because I don't do much of that-probably need to look into it---my bad
I agree waiting until April would be hard, but most of my grain is sold in advance so it is usually gone long before then, so I could close up sooner.
PP and Replant are covered, but it is different than federal. The way I heard it is that if I replant it just goes into my overall expenses of inputs so my guarantee goes up. Not a direct payment but I usually have so very little it is not a big deal to me. I dont really have PP either, but if I cant plant an acre, I have no income so that would be covered in this. I made sure just in case because we are so wet now, I may have a huge PP farm in the spring. Thinking of getting a boat to hook to my planter!!!!!!!!!!!!!!!!!
Does your agent sell this? Maybe I can visit with him>?
Thanks again for your help. I really need something better or more true coverage than what federal is doing-I feel i've been screwed 2 yrs in a row because of basis and just conditions. I should market better, but... | |
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Production Cost Insurance - Guaranteed Income?? Need Advice
