Crop Insurance Tools
The 2024 iFarm Crop insurance Premium Calculator allows users to develop highly customized estimates of their crop insurance premiums, and compare revenue and yield guarantees across all available crop insurance products and elections for their actual farm case.
The 2024 iFarm Crop Insurance Payment Evaluator provides helpful information to producers comparing costs and risk reductions across their available crop insurance alternatives.
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View our Youtube Guide here.
This program calculates crop insurance historical use and performance back to 1996. …
The cover crop project seeks to provide farmers with a practical web-based decision support tool designed to help manage cover crops in their fields. The project makes use of existing research to demonstrate the potential for cover crops, as well as providing useful information for decision making and management of this practice. It will also seek to apply future research on cover crops as results are incorporated into updates and new iterations of the tool. This remains a work in progress with a goal towards adapting with the science.
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MultiCrop Insurance
Most crop insurance is bought for a single crop. Since prices, yields, and revenues are not perfectly correlated across crops, multicrop insurance has the potential to reduce premiums, an important factor in farmers’ crop insurance decisions. Insuring corn and soybeans jointly as opposed to individually is found to reduce indemnities/premiums by 19% on average for the states in this study. A strong interaction is found between multicrop insurance and irrigation, resulting in further reductions.
2024 Harvest Prices and Revenue Insurance Payments for Corn and Soybeans
The price discovery period for the Harvest Prices used to determine crop insurance indemnities for revenue products concluded at the end of October. The 2024 harvest price for corn is $4.16 per bushel, $0.50 or 11% lower than the projected price of $4.66. The 2024 harvest price for soybeans is $10.03 per bushel, $1.52 or 13% below the projected price of $11.55. The harvest price declines for corn and soybeans in 2024 are not sufficient to trigger individual farm revenue coverage payments.
Important PRF-RI Insurance Decisions: Which Months to Insure?
Pasture, Rangeland and Forage Rainfall Index Insurance (PRF-RI) is an underutilized insurance product by livestock and forage producers in the Midwest (see farmdoc daily article from October 9, 2024). One…
The farmdoc Crop Insurance section offers iFARM online tools including the Premium Calculator, Payment Evaluator and Price Distribution Tool. These tools are updated annually during the Spring crop insurance election period.