February 15, 2012 at the Fillmore County Fairgrounds in Geneva, NE will be the next Farmers & Ranchers College program with a dynamic workshop on crop insurance. The higher market volatility increases crop insurance premiums but it also makes it possible to profitably sell covered puts. Bio-fuels and ethanol, and expected reduction in commodity program funding have caused many producers to consider different methods for managing yield and price risk.
This workshop will introduce producers to an integrated marketing/production management approach that combines FSA programs, crop insurance and marketing tools. This workshop utilizes a case study, with participants managing a typical grain farm. Participants will have the opportunity to select type and level of crop insurance, decide on FSA program participation, and then work through a typical grain marketing year, with four marketing opportunities, making use of risk-management tools. Those tools include: Yield Protection (YP), Revenue Protection (RP), Revenue Protection with Harvest-Price Exclusion (RP-HPE), Group Risk Plan (GRP), Group Risk Income Protection (GRIP), SURE, ACRE, 2013 farm program when available, futures, options, forward contracts, marketing loans, basis contracts and selling covered puts.
Following the workshop, producers should have a better understanding of how crop insurance, when combined with alternative marketing techniques, may reduce farm financial risk and increase farm income.
Art Barnaby joined the K-State Agricultural Economics faculty in 1979 and currently holds the rank of Professor. Art conducts statewide extension education programs on financial planning, risk, government commodity programs, and crop insurance. His research work with the private sector was the basis for the first revenue insurance contract, Crop Revenue Coverage. He is a past three time winner of the American Agricultural Economics Association Distinguished Extension Program Award and the 2009 National Award for Excellence in Extension. Art is a frequent speaker at professional, farmer-producer, ag lenders, and insurance industry meetings.
This program on Feb. 15th will start with registration at 8:30 a.m. and conclude by 4:00 p.m. As always, due to generous contributions of Farmers & Ranchers College sponsors, this program is free, however to ensure an accurate meal count, registration is needed by February 10th by calling Fillmore Co. Extension office at (402) 759-3712 or emailing Brandy at firstname.lastname@example.org.