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Guarantees for spring crops appear to be heading lower based on current prices and projections. Unless some unlikely world events occur, the 2014 projected price for corn and milo will be substantially lower than 2013 reducing 2014 crop insurance guarantee levels as we approach the March 15, 2014, MPCI sales closing date.

The verdict is still out on what soybean prices will do but they also are currently projected at lower prices reducing guarantees. An option you may want to choose to offset part of this guarantee decline is to buy up coverage. With higher crop input cost and cash rents, now is the time to closely review your risk management plan. Sometimes insurers just think about reducing coverage and cost per acre but in most cases this isn’t a good plan. Based on the past several years, Mother Nature would tell us we need to cover as much risk in our operation as possible. Take the time now to consider if you will you need higher coverage levels in 2014 for your operation.

 
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