Last year corn farmers told us that you needed your crop insurance tool to better reflect your current yield trends. This year the Illinois Corn Marketing Board is delivering just that, a product from investing your corn checkoff dollars in the necessary research.
The Illinois Corn Marketing Board’s new crop insurance concept, an endorsement that adjusts Actual Production History (APH) to incorporate a growing yield trend, has been approved and will be made available for the 2012 crop year for select states and counties.
The Trend-Adjusted APH Yield Option insurance plan for corn and soybeans will allow farmers with qualifying APH databases to have their APH yield adjusted based on their county’s historical yield trend. The result is an APH yield that more closely reflects a farmers potential yield, thus crop insurance coverage guarantees are more accurate.
“We appreciate the Federal Crop Insurance Corporation Board and the U.S. Department of Agriculture’s Risk Management Agency lending their support on our proposal. In this time of increased price volatility, it is important that we work towards better risk management tools for corn and soybean farmers throughout the Midwest. We think this insurance product, which will better enable farmers to insure their expected crop, is a big step in providing them risk management options,” said Bill Christ, corn farmer from Metamora and Chairman of the Illinois Corn Marketing Board.
USDA’s Risk Management Agency is working to finalize and release all program details of the Yield Option on its website this fall, in time for the 2012 crop year.
The Illinois Corn Marketing Board manages the Illinois corn check-off program and invests funds in research and promotion to benefit corn farmers. This new risk management tool was made possible by individual farmer investment to better their industry.