When was the last time you slowed down to look at your operations books and clear the pile off your desk?
Seems like a hard question huh…Now let’s try this one…When was the last time that you reviewed your wheat coverage? Wheat coverage seems to be the forgotten crop especially if you are in the swing of keeping pivots running and lining up fall harvest help. Don’t settle with the coverage that rolls year to year. Let’s evaluate it to make sure that you’re covered adequately.
Wheat insurance prices will be set mid-September, based off the September 2025 futures contract average from August 15th through September 15th of 2024. Wheat prices this year are in the $5.85-5.90 range now. This is the lowest wheat insurance price has been since the 2021 wheat crop. Why is this important, you may ask? In 2024 the wheat base price was set at $7.38, 2023 was even higher at $8.77 per bushel. When prices are higher, it equates to more coverage dollars per acre. In 2024 at $7.38, a farmer with 70-bushel APH and a 75% MPCI policy, had coverage for 52.5 bushels or $387.45 per acre of coverage. This year, that same APH and coverage policy is only worth $307.12 per acre. This may not seem like a huge deal, but when you look at the big picture across an example of 500 acres, there is a difference in liability of over $40,000 just because of variation in market price. This is where the ASA difference comes into play. We see this variance from year to year, which when then present to you what possibilities would be if to get your coverage dollars to a place where you feel comfortable.
.
Our agents at Ag Service Associates want to remind you to look at your wheat coverage with your agent. Are you unhappy with the service you’ve been receiving, or do you want a second opinion? We review policies with a ‘no pressure’ approach. At ASA, we will walk you through our seamless ‘Crop Coverage Portfolio’ process. If we believe a change is needed, we will give you a summary of the policy we would recommend for your operation and will handle the facilitation of that policy if needed.
ASA Crop Insurance is a family business based in south central Nebraska. We spend 100% of our day specializing in agricultural insurance. With over 50 years of combined experience, we’re here to answer your questions. We would love to extend the opportunity to discuss your agricultural needs with us.
