Flood Damaged Crops, Crop Insurance Payments, and Lease Contracts

Jun 28, 2024

By Ann Johanns

Some Iowa corn and soybean producers are facing substantial, if not complete crop losses, due to flooding and other natural disasters in 2024. Fortunately, in recent years, well over 90% of Iowa’s corn and soybean acres are protected by multiple peril crop insurance. USDA RMA data from 2023 reported 95% of corn and soybean acres in the state were protected by Multiple Peril Crop Insurance (MPCI), and 15% of these acres also had additional companion program coverage, such as Supplemental Coverage Option (SCO), Enhanced Coverage Option (ECO), or Margin Protection (MP).

Most Iowa producers purchase crop insurance policies with a 75% or 80% level of coverage. This means that if crops are a total loss, the producer must withstand the first 20-25% of the loss. In 2023, 96% of the crop acres insured in Iowa were covered under MPCI Revenue Protection policies that offer an increasing guarantee if prices increase between February and October. So far, this has not shown to be a factor for 2024 crops, with current November/December Futures trading below the spring projected price guarantees of $4.66 per bushel for corn and $11.55 per bushel for soybeans.

Read more in the July Ag Decision Maker newsletter article and see guidance on addressing the agronomic impacts for flooded soils to restore field conditions or to plant a suitable cover crop is available for Iowa landowners and tenants.

Source : iastate.edu

Video: Dicamba Returns for Georgia Farmers: What the New EPA Ruling Means for Cotton Growers

After being unavailable in 2024 due to registration issues, dicamba products are returning for Georgia farmers this growing season — but under strict new conditions.

In this report from Tifton, Extension Weed Specialist Stanley Culpepper explains the updated EPA ruling, including new application limits, mandatory training requirements, and the need for a restricted use pesticide license. Among the key changes: a cap of two ½-pound applications per year and the required use of an approved volatility reduction agent with every application.

For Georgia cotton producers, the ruling is significant. According to Taylor Sills with the Georgia Cotton Commission, the vast majority of cotton planted in the state carries the dicamba-tolerant trait — meaning farmers had been paying for technology they couldn’t use.

While environmental groups have expressed concerns over spray drift, Georgia growers have reduced off-target pesticide movement by more than 91% over the past decade. Still, this two-year registration period will come with increased scrutiny, making stewardship and compliance more important than ever.