Reductions to crop insurance premium discounts and the application of means testing to qualify were topics recently analyzed by Kansas State University and Mississippi State University, Philip Brasher writes. "Kicking out the big farms increased the loss ratio and would require a rate increase on the remaining small farms," said Art Barnaby of Kansas State University.
High inventories of soybeans and corn, along with unresolved trade negotiation issues, may keep farm income prospects relatively low this year, predicted the Federal Reserve in a recent report. However, potential updates to the farm bill could help reverse those downward trends, Ray Scherer writes.
An increase in prices for crop insurance would make farming prohibitively expensive, said Ind. farmer Harold Parker at the 2018 Fort Wayne Farm Show. Farmers who need financing are usually required to get crop insurance by lenders, said Randy Kron of the Indiana Farm Bureau said.
Servi-Tech CEO Greg Ruehle emphasized crop insurance's critical role to House Agriculture Committee member Roger Marshall during a recent town hall meeting in Dodge City, Kan. "The number one issue I need to make sure gets taken care of this spring is the farm bill," said Marshall.
Federal budgetary appropriations and policies are important to farming success, so it is wise to learn about them from the beginning of an agriculture career, writes Markie Hageman of Fort Hays State University. Hageman explains the how the farm bill is structured, the process for developing legislation and the proportion devoted to crop insurance.
The La Nina weather phenomenon is likely to create drier than typical weather in the South this year and a wetter winter than usual in the Northern US, according to Mike Halpert of the National Oceanic and Atmospheric Administration. The rest of the nation will have "an equal chance for above-, near- or below-normal temperatures," predicts NOAA.
The US Drought Monitor reports drought conditions in 60.93% of the US, with most of the affected areas at the D0 status of "abnormally dry," the least severe of four levels. The likelihood of "above-normal" precipitation is increasing except in the desert Southwest, said Brian Fuchs of the National Drought Migration Center.
Farms have grown bigger and the need to manage them with a more business-oriented mindset has increased, writes Darren Frye of Water Street Solutions. Consider consulting a farm business professional, he advises, and keep an open attitude toward change.
Starbucks has been selected as the most admired food and beverage company in the world and the fifth most admired overall company, according to Fortune magazine. Starbucks has made the global list for the past 16 years.
Tanis Confectionery will take over Fast Track Engineering's activities after the completion of a joint venture agreement that will expand Tanis' production capabilities. The move will provide Tanis with access to new Asian and South Pacific clients, according to Tanis CEO Leo Tanis.