The 2014 winter wheat crop got off to a rocky start with cool, wet conditions at planting followed by extremely low winter temperatures and a cool spring. With the harvest now complete, yields reported for Production Insurance are coming in around average and even better in some areas. Even though much of the winter wheat crop survived, the reseeding benefit was crucial for many farmers this year.
In the spring, Agricorp paid $8.7 million in reseeding claims. Reseeding claims pay $85 per acre to help farmers cover the costs of getting a new crop in ground in time for the growing season.
Production claims in the mail
Agricorp is paying about $5.2 million in final claims to customers who had yield shortfalls at harvest. The following floating claim prices were set early in September and are based on average prices reported from representative growing regions for Grade 2 winter wheat.
Winter wheat Float claim price
Crop | Floating claim price |
Soft White | $6.1958 |
Soft Red | $5.5259 |
Hard Red | $6.1829 |
Hard White | $6.5911 |
Make sure you’re covered for 2015
Winter wheat renewals are being mailed to existing customers now. Farmers considering Production Insurance for the first time can contact Agricorp to learn more and to apply.
Source: Agricorp