USDA is promoting new crop insurance choices this year, even as strong commodity prices and elevated production costs are making existing coverage even more vital to farmers, says Marcia Bunger, administrator of the Risk Management Agency.
Farmers and ranchers who bought crop insurance across the Plains and West are finding that it’s going to make a big difference to their bottom lines due to the drought that plagued the region through the growing season.
The Agriculture Department will allow double cropping to be insured in hundreds of additional counties this winter in an effort to address shortages of wheat and other commodities as a result of the war in Ukraine.
USDA has updated crop insurance options in order to reach more swine, dairy and cattle producers through the Dairy Revenue Protection (DRP), Livestock Gross Margin (LGM), and Livestock Risk Protection (LRP) programs.
Surging commodity prices have pushed crop insurance guarantees to record highs or near-record highs for farmers in the Midwest and Plains states this spring, which will help them protect their revenue against the soaring input costs.