ARC “more likely to pay” as farmers consider 2024 crop insurance
A crop insurance specialist suggests Agriculture Risk Coverage will provide better risk protection compared to Price Loss Coverage in 2024.
Compeer Financial director of insurance strategies Cole Patrick says reference prices have risen slightly.
“But if you take the marketing year average that we might see over this next year, we personally feel like PLC is probably not going to be the one that pays. If anything pays, we think ARC-County has more of a likelihood to pay.”
He tells Brownfield that opinion is based solely on yield.
“If you think about just what would need to happen to that price to dip down below that reference price.”
He says flexibility is crucial when it comes to making the right crop insurance decisions, and farmers will have choices with ARC, PLC, and newer products like enhanced (ECO) and supplemental (SCO) coverage.
Patrick made these comments during an upcoming What’s Happening podcast, a content partnership between Compeer Financial and Brownfield.