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.
This program calculates premiums, evaluates insurance payments, and provides historical data useful when making crop insurance decisions for multiple crops. Estimates are for crops in midwest and southeast states. Learn more on the farmdoc Daily crop insurance archive.…
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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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Dramatic Difference in Expected Yields between Corn, Soybeans, and Cotton for Area-Based Insurance Products
Both the House and Senate Reconciliation Bills include provisions to encourage the purchase of the Supplemental Coverage Option (SCO). Since 2015 when SCO was first offered, actual county-level yields of corn and soybeans in the Midwest have been above expected yields in most years, implying a continuation of historical increases in yield and lower expectations for indemnities. On the other hand, actual county-level yields have been below expected yields for the majority of years for cotton.
2024 County Corn and Soybean Yields from the Risk Management Agency
The RMA recently released county yields for the 2024 crop year, which are used to determine area plan payments, including for the Supplemental and Enhanced Coverage Options (ECO and SCO). County corn and soybean yields for Illinois were mostly at or above trend levels. Exceptions included counties in southern Illinois for both crops, and some northern Illinois counties for soybeans. Payments from revenue-based ECO and SCO for 2024 corn and soybeans will be triggered in many counties in Illinois.
Crop Insurance, Premium Subsidies, and Soybean-Corn Disparity
Relative to total premium, soybeans and corn receive smaller payments from the US crop insurance program than other large acreage US field crops. A new approach is needed, specifically, new products that reduce the total insurance premium, especially for soybeans and corn. Joint soybean-corn insurance is one such product. It is estimated that joint soybean-corn insurance has the potential to increase net indemnities paid to soybeans and corn by 13% with no increase in Federal premium subsidies.
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.