As has often been said with agriculture, “every year is different”, and quite often decisions for the current crop year are based on what has happened in the past year or two. previous. This could be the scenario in some cases when considering Supplemental Coverage Option (SCO) insurance coverage for corn in 2023. SCO insurance coverage has been around for several years but has not been considered as a widespread due to the reduced potential benefits of SCO coverage. . However, this scenario could be different this year due to the price gap between the potential spring price for crop insurance coverage and the benchmark prices for agricultural risk coverage (ARC).
SCO Insurance Coverage Details
SCO coverage is only available to growers who choose the Price Loss Coverage (PLC) crop program option for the 2023 crop year and is not available to farmers who choose ARC coverage with yields. coverage (ARC-CO) or ARC coverage with crop yields (ARC-IC). The PLC Farm Program option is price only, and a crop’s 12-month average price must fall below pre-established benchmark prices in order to earn a Farm Program payment. Payout calculations for ARC-CO program calculations are based on a predefined Benchmark (BM) review (BM price and average county yield) and 2023 end revenue (average county yield multiplied by average price over 12 month).
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