A crop insurance agent who farms in southeastern Minnesota says lower prices and weather challenges should trigger payments for this year’s crop.
Rob Tate of Cannon Falls says a major factor is the weaker corn market.
“We’re looking at yield guarantees, depending on what policy somebody had. But if it’s an 85 per cent policy, you’re going to be guaranteed more than your APH just because of the price drop.”
He tells Brownfield that some farmers in his area will receive payments for hail damage, as well as yield claims on corn and soybeans.
“We’re probably looking at bean yields that are ten per cent below last year, so in many cases last year was a good bean yield. But overall, I’m expecting to see a fair amount of claims in general, just because of the income side of it.”
Tate says drought stress will also lead to claims, particularly for crops on lighter soils.
