With most farmers predicting they will face higher production costs and lower returns for 2023, it’s important to focus on estimating next year’s crop margins and consider Margin Protection crop insurance. The Margin Protection Plan (MP), proudly offered through ProAg, provides coverage against unexpected decreases in operating margin, roughly calculated by revenue subtracted by select variable input costs.
The plan is area-based and uses both expected and final county yields along with nationally indexed variable costs. Indemnity payments are made when the harvest margin falls below the trigger margin. Currently, MP is available for spring-planted crops in 22 states and is usually purchased with a Yield Protection (YP) or Revenue Protection (RP) policy. However, MP can also be purchased by itself, though 2023 plans need to be purchased prior to September 30.
Read more on MP here and view ProAg’s MP details and breakdowns here.
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