FBN Insurance

Deciding on whether or not to purchase crop-hail insurance is an important decision for your operation. But knowing how much coverage you need and when to consider market price fluctuations aren’t always so clear. Here are some tips on helping you make the right choice.  How Much Hail Coverage Do I Need? This answer differs from farmer to farmer. Everyone has a different perspective on coverage and appetite for risk. Different crops and crop values, as well as crop potential can also weigh into the decision of how much coverage is needed. Insurance companies have set dollar per acre liability limits based on each crop, but will make considerations to increase these limits on an individual basis if the value of the crop can be shown to exceed the liability limit. Cost of coverage can be a major consideration in the amount of coverage being purchased.  In some areas, rates are exceptionally affordable due to the low probability of a hail event. In other areas, quite the opposite is true. How Should I Consider Market Price Fluctuation When Making a Crop-Hail Purchase? Cost is an important factor when purchasing most items, and crop insurance is no exception. However, it is important to reexamine the value of your crop as markets change, as you lock in a production contract, as you reflect on the coverage in place with your MPCI policy, etc.. Bottom line, when crop values increase into the growing season where hail risk is present, you may want to consider adding crop-hail coverage or increasing coverage per acre if you have already taken it pre-planting.  Another area of particular concern would be when your yield potential seems to be outpacing your approved yield. Since this is the benchmark yield used for most crop insurance policies, you can be effectively underinsured in this scenario. Crop-Hail Coverage from FBN Insurance Don’t think of mortality as a problem with crops until the wall cloud blows over and there is nothing but stubble left in your fields.  Work with your FBN Crop Insurance Agent to put a solid risk management plan in place that includes crop-hail insurance that could potentially cover what your multi-peril policy doesn’t. The goal is to make sure your crop-hail insurance adequately covers what you have at risk, or stand to lose.  Call (877) 576-4468 to get connected to your local FBN Crop Insurance agent and initiate customized coverage for your operation, or click for more information on crop-hail insurance . © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN” are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. Disclaimer:  The purpose of the following material is to promote awareness of risk management concepts and to highlight risk management products, features, benefits and availability. This material does not provide full details of policy provisions or approved procedures. Producers should consult with a local agent for specific details and program requirements. We are an Equal Opportunity Provider. FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan). FBN Crop Insurance is currently offered in all U.S. states.

With an active storm season this year, you need to know how to protect your operation against damaging losses.  FBN ® offers crop-hail insurance that is often acre specific in the event of damaging storms.  In the video listed below, FBN Crop Insurance Agent Mark Miller explains how a crop-hail policy can be used to protect your operation against a potentially devastating loss due to a tornadic event.  What Could Be Covered As Mark explains, a few of the things that your crop-hail policy could potentially cover are: Actively growing crops Grain bin storage endorsement Equipment coverage Watch Now Crop-Hail Coverage from FBN Insurance Don’t think of mortality as a problem with crops until the wall cloud blows over and there is nothing but stubble left in your fields. Work with your FBN Crop Insurance Agent to put a solid risk management plan in place that includes crop-hail insurance that could potentially cover what your multi-peril policy doesn’t. The goal is to make sure your crop-hail insurance adequately covers what you have at risk, or stand to lose. Call (877) 576-4468 to get connected to your local FBN Crop Insurance agent and initiate customized coverage for your operation, or click for more information on crop-hail insurance . Audio Transcript One of the benefits of crop-hail insurance is that it covers crops on a per acre basis. This means that even if only a portion of a field is damaged by a storm, you will still have coverage. Losses are also determined on a yield loss basis, so even if a plant is not destroyed by the storm, but its ability to yield a crop is compromised, a loss would be paid based on the severity of the damage and how many acres were damaged. 0:46 We get a lot of intense hail and a lot of high winds in the event of a tornado. Let's look at Some of the coverages that you would have the benefits of if you were actively growing the crop. 1:04 For irrigated crops, if the tornado came through and damaged the irrigation equipment, such as blowing the pivot away, damaging the well head or something of that nature, those damages would be covered due to a crop loss if you couldn't irrigate the crop throughout the season. 1:19 Another benefit of crop-hail coverage is that insurers in some states, offer grain bin storage endorsement. This endorsement would cover the amount of the grain that was in the storage tank or the bin. If the tornado came through and blew the bin away, you would have coverage on that stored grain. 1:44 Another benefit would be if you were delivering grain out of that bin and you had a truck on the road and that truck experienced some high wind, you would actually be covered. 2:02 So when asking about coverage for tornadoes, remember that everything is crop specific and area specific. I would encourage you to reach out to your local crop insurance agent to find out about the exact coverage levels that are available in your area and state. 2:25 Please reach out to your local FBN crop insurance agent or visit us online for more information. © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN” are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. Disclaimer: The purpose of the following material is to promote awareness of risk management concepts and to highlight risk management products, features, benefits and availability. This presentation does not provide full details of policy provisions or approved procedures. Producers should consult with a local agent for specific details and program requirements. We are an Equal Opportunity Provider. FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan). FBN membership is not required to purchase through FBN Insurance LLC, but certain features may only be available to FBN members. FBN Crop Insurance is currently offered in all U.S. states.

Each year, severe storms affect farming operations across the country. But when is it too late to purchase crop-hail coverage?  FBN ® offers a variety of different options for crop-hail coverage to get that last minute coverage when you need it most.  Most insurers allow: A two-hour buying window. When your application is signed/submitted, your coverage is active after a waiting period, usually two hours. 12:01 am coverage (meaning if you buy your coverage at 6 pm, your coverage wouldn’t take effect until 12:01 am the next day) Cost The cost will vary among insurers because hail is a private product and depends on whether you’ve purchased a policy with a two-hour buying window or 12:01 am coverage.  Risks Knowing which coverage is appropriate for your operation depends on the peril you’re facing such as: Hail Wind Fire Green Snap Watch Now In this video, FBN Crop Insurance Agent Courtney Wolfe explains when you should purchase this important coverage and why it’s a key way to manage risk for your ag operation. Crop-Hail Coverage from FBN Insurance Don’t think of mortality as a problem with crops until the wall cloud blows over and there is nothing but stubble left in your fields.  Work with your FBN Crop Insurance Agent to put a solid risk management plan in place that includes crop-hail insurance that could potentially cover what your multi-peril policy doesn’t. The goal is to make sure your crop-hail insurance adequately covers what you have at risk, or stand to lose.  Call (877) 576-4468 to get connected to your local FBN Crop Insurance agent and initiate customized coverage for your operation, or click for more information on crop-hail insurance . © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN” are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. Disclaimer:  The purpose of the following material is to promote awareness of risk management concepts and to highlight risk management products, features, benefits and availability. This presentation does not provide full details of policy provisions or approved procedures. Producers should consult with a local agent for specific details and program requirements. We are an Equal Opportunity Provider. FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan). FBN membership is not required to purchase through FBN Insurance LLC, but certain features may only be available to FBN members. FBN Crop Insurance is currently offered in all U.S. states.

If you’re a rancher, you’re probably wondering what the weather forecast looks like, what direction the markets will go and regularly reevaluating what works best to keep the herd healthy to maximize the number of calves to market.  There are now viable options to transfer these inherent risks by placing them with Annual Forage, PRF, LRP and herd mortality insurance policies.  What Is Annual Forage Coverage?  Annual Forage Coverage (available in select counties only) provides insurance for ground where you potentially plant for feed or fodder, when the average precipitation in your grid falls below preselected coverage levels.  What Is Pasture Rangeland Forage?  Pasture Rangeland Forage (PRF) works similarly to Annual Forage in that it provides potential coverage when the average precipitation falls below preselected coverage levels in your grid, covering your perennial pastures and hay grounds. Why Should I Consider These Coverage Options?  The purpose of these two programs is to provide coverage when there is a lack of precipitation, based on your selected coverage levels. Lack of precipitation may reduce the tons of annual forage you are able to harvest, the number of bales you put up on your hay ground or even reduce the grazing season so you have to pull your livestock early or supplement the pastures. What Is Livestock Risk Protection?  Livestock Risk Protection (LRP) allows cattle and swine producers to protect against declining market prices and ensure their peace of mind. In the event that prices fall, livestock are still covered and allow the producer to realize the upside on the cash market. There are a number of different coverage levels and insurance periods offered to match the time your livestock would normally be marketed.  If the actual ending value is below the coverage price at the end of the insurance period, an indemnity will be paid for the difference. What Is Herd Mortality Insurance?  Mortality Insurance coverage has often been associated with high-value animals, performance horses, herd sires, donor cows, etc. Most producers are not aware that they also can place specified peril coverage on their cows and calves with a standalone policy to provide risk protection for the entire herd. This approach offers several advantages. You can select a lower deductible than your farm/ranch policy offers, which could include coverage for grass and water poisoning or suffocation. If you have a claim on a standalone policy, that claim won’t affect the premium on your farm/ranch policy. Livestock Insurance Coverage from FBN®  FBN Insurance has the expertise to serve producers of all sizes. Our agents are here to build a loyal relationship, ensuring stability and trust in times of market loss, mortality loss, or unexpected peril. As outlined above, there are many advantageous coverage options available to help you manage your livestock risks. Call (877) 576-4468 to connect with an FBN Insurance agent today or visit fbn.com/insurance   to learn more. Copyright © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN” are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. We are an Equal Opportunity Provider. FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan). FBN membership is not required to purchase through FBN Insurance LLC, but certain features may only be available to FBN members. FBN Crop Insurance is currently offered in all U.S. states.

We’re taking a holistic view of what you should be doing for crop insurance this year in this webinar with our team of FBN® Crop Insurance experts.  Featured Speakers Eric Sorensen, FBN Director of Crop Insurance  Kevin McNew, FBN Chief Economist and VP of FBN Research Don Moody, FBN Senior Sales Manager What You’ll Learn What makes 2023 unique? Supplemental coverage Global Grain Markets Outlook 2023 The FBN approach to insurance Watch Now: Crop Insurance Outlook and Tools Take Control of Your Risk Your FBN Insurance agent can tailor a specialty crop insurance policy to meet the specific needs of your operation to help you gain greater peace of mind. Learn more about this program or connect with an agent by visiting the FBN Crop Insurance page or calling (877)-576-4468 . Copyright © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN” are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. Disclaimer:  The purpose of the following material is to promote awareness of risk management concepts and to highlight risk management products, features, benefits and availability. This presentation does not provide full details of policy provisions or approved procedures. Producers should consult with a local agent for specific details and program requirements. We are an Equal Opportunity Provider.  FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan). FBN membership is not required to purchase through FBN Insurance LLC, but certain features may only be available to FBN members. FBN Crop Insurance is currently offered in all U.S. states.

The Apiculture Insurance Program is intended for honey and pollination production as well as wax and breeding purposes to protect against a lack of rainfall.  Join Stephanie Blair, FBN® Insurance Agent and Beekeeper as she discusses the details of how coverage is determined with the Rainfall Index, how grids are assigned and determining a coverage level.  Stephanie also covers deadlines, enrollment periods and how and when an indemnity is triggered. Learn more about our Optimizer tool and how it determines what coverage makes sense for your operation. Watch Now - Apiculture: Rainfall Index Insurance Learn More Learn more about Apiculture Insurance from FBN. You can also learn more about Pasture, Rangeland and Forage insurance .  Audio Transcript Welcome and thank you for joining me for this short introduction to Apiculture Rain Index Insurance. My name is Stephanie. I'm a commercial beekeeper on the other side of being a crop insurance agent for FBN and that's why I specialize in the Apiculture portion of the Rain Index program. We have the program, that's how I got into selling the program.  We run 4,000 hives here from Minnesota back out to California for pollination, and our family runs around 9,000 in total commercially from the west coast to here in the Midwest. As you can see, we've endured a few different fall and winter weather and then we got to California and did the pollination and my nieces love to help us out there with that.  Just a few fun pictures to look at with us, but before I get into the Apiculture Index program I have a little disclaimer from FBN that I have to go through. If you would read that with me. The purpose of the following material is to promote awareness of risk management concepts and to highlight risk management products, features, benefits and availability. This presentation does not provide full details of policy provisions or approved procedures. Producers should consult with a local agent for specific details and program requirements. We do not make any representations or warranties expressed or implied as to the accuracy of completeness of the statements or any information contained in the material and any liability, therefore is expressly disclaimed. Thank you for that.  Apiculture rain index program is a USDA program run by the RMA. So it's a lack of rainfall protection intended for honey and pollination production. So if it's dry, you're not really gonna be making honey or there's not gonna be forge for the bees, so you're gonna have to feed them syrup tanks of tanker loads or pollen or winter patties, sugar patties, any of that stuff to kind of substitute the forge that isn't out there. So that's what this program is for. And the RMA goes through the NOAA, the National Oceanic Atmospheric Administration and that's where they gather the rainfall data for this program. And we'll get into the little details a little bit in the next slide here. And how it works is like you pin your locations, all your locations that your bees are at for honey production or pollination, and those grids are 17 by 17 miles, so maybe 10 yards are in one grid.  We can insure that chunk of highs like, let's say 200 hives in that grid and then you have, you know, several other grids in multiple states. That's why it's so great for beekeepers. We have multiple states. So when Texas and California are dry, maybe Minnesota's wet so you're making honey but you're not getting that forage you need and those two states are paying out. Or last year Texas was really wet, Minnesota and California were dry. So Minnesota and California were paying out where Texas was producing you your honey or getting you ready for the spring and then They're in two month intervals. And we'll get into that on the next slide. Also, the policy runs from January 1st to December 31st you select two month intervals, so like a January, February interval is one or March, April. And we'll look at examples of that coming up here.  You can select 70 to 90% of coverage. So if rainfall is under 90% of average, you would get an indemnity. If it was, it only rains 76% of average it would be prorated and you would get that indemnity. And it's triggered 60 to 90 days after the interval. So once January, February finalizes, that's probably gonna be more to that 60, 90 days after. That's when it issues a check or pays off some of your premium if it was below that average of the amount you selected. And this program is highly subsidized. It's wonderful. That's why it works because everyone's, what's the catch? There's no catch. It's just subsidized because it wouldn't work. We wouldn't have this funding that we need to help us with our operations just like farmers with their cattle. And that's how it started. With farming you can get up to a 59% subsidy depending on the coverage you select, but most people get the 51% subsidy because of how the program works.  Our optimizer breaks it down very well on how, what percentages, coverage levels should you have versus productivity factor. And that's all stuff you can talk to with your local agent. Here's an example of that two month interval option. You can select multiple intervals or just a few like in option three, but you have to have a hundred percent in total. So on the next slide we'll go through an example here and we're doing a hundred percent of coverage in this Ottertail Minnesota County for a hundred colonies. So your values are over here on the right and your total premium is 2,912 for these a hundred colonies and you're subsidized at 51%, which is wonderful. So your premium's only 1,427 for the full year and you're not billed until September 1st. That's the wonderful thing. It gives you the opportunity to earn your money back. And we'll look at the history here. It gives you a little data here of your average index, average rainfall, the payments on average and the years it's paid out since 2010 Here we're looking at history here and the 2013 was the only year that you would've had to pay a portion of the premium of that $199 out of the 1,427.  If you only have these a hundred hives insured in Ottertail County. And like I said, we have multiple states as a commercial beekeeper, some people only do one state, so, but you might have multiple grids. So as you can see this year's been a pretty wet year and June, July and July, August here, you wouldn't have both of them covered but you would probably have one of them covered. So that might start paying out here once they finalized in 60 to 90 days, that July, August is really low and it might be a green coverage there, like a green return. So green is good, green is under average here, under the 90% of average we've selected. So anything in green is under that 90%.  Over here on the right under your returns, anything over a 100% is a profit. A hundred percent even is paid off your premium. You're even, and you can tell it's worked wonderful for this, for this grid and it's worked wonderful for us. You know we have Ottertail County. I'm not sure if we have the specific grid, but it's worked wonders for us and this has all the data that you needed and it goes back to 1954. So that data is wonderful to have our FBN optimizer we're coming out with where it sets up your whole operation, and the best way is to set up it as an entire operation hole, not just every individual grid on its own. Because you can have multiple grids, you will have multiple grids. I think we have about 40 different grids. We don't insure them all because it's not best to insure them all for our operation. But that's something to talk to your local agent about. This slide talks about once the RMA releases the final index interval values, that's when our agency issues a check to you.  Once your premium is paid off, it'll go towards your premium first and then a check will be issued. So maybe January, February only covers your premium. Well then your next interval coverage is April, may. Maybe that will issue out a check 60 to 90 days after. If you have any questions either that is literally just an introduction to this program. It's based on lack of rainfall alone.  You don't have to turn in anything in, you just have to do your renewals and the first year's the hardest, plotting all your locations so we can look at the grids that you're in, figure out the coverage that you need and then it's just kind of renewal after that. What do you think this next year's gonna bring? And be sure to sign up before December 1st for 2023 coverage. If you're thinking it's gonna be dry for 2023, definitely talk to your local agent. And again, beekeepers, we're so lucky to have multiple states so we can cover that.  It's very good our optimizer is coming out. It's gonna tell you for your multi-state what is the best option in coverage and I hope that this has got you interested in calling us, interested in checking it out and I urge you to do it. It's helped us so much with tanker loads of syrup. There's a tank here a little early, but we're getting it while we can because you know how syrup tanks, deliveries are right now since the last couple years. Have a great day everybody. Thanks for joining. Copyright © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network” and “FBN” are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. Disclaimer :  The purpose of the following material is to promote awareness of risk management concepts and to highlight risk management products, features, benefits and availability. This presentation does not provide full details of policy provisions or approved procedures. Producers should consult with a local agent for specific details and program requirements. We are an Equal Opportunity Provider .  FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan). FBN Crop Insurance is currently offered in all U.S. states.

Kevin McNew, Chief Economist at FBN® gives his prediction on weather patterns entering the 2023 planting season.  In his latest video, he discusses drought patterns, where it is looking more wet and La Nina expectations. To discuss how this could have an impact on your crop insurance decisions, please visit fbn.com/MPCI . Watch Now Audio Transcript What can we expect for the weather in 2023? As farmers start to think about the growing season?  First of all, as we enter 2023, we have a huge split where part of the country is super wet, namely California in the western part where we've seen just torrential rains.  Then we have this lingering ongoing drought that is persistent for some time in the central and southern plains of the U.S.  and then we also have what is a third winter in a row of La Niña.  So all of these factors are kind of shaping up for a challenging 2023 growing season as we look ahead. But here are some of the things we see on the horizon.  First of all, La Niña likely starts to pull back and get us back to what is called ENSO neutral state, where we're neither in La Niña or El Niño. That hopefully bodes well from maybe some of these longer term drought weather patterns shifting a little bit, not necessarily getting us out of the prolonged drought in the southern central plains, but maybe giving some modest relief as we move forward.  Looking into early parts of spring, the forecast looks to be pretty favorable for moisture in the Pacific Northwest. Pretty favorable for warmer than normal temperatures in the upper Midwestern and northern plains.  This was an area last year that really struggled with a lot of cold temperatures and delayed planting. So hopefully farmers in those areas will see better weather this coming spring.  But in those really drought stricken areas, the western Kansas, Texas, into Western Nebraska, Eastern Colorado, there may be modest improvements in soil moisture, but overall it seems unlikely.  We're gonna turn the tide really quickly on this prolonged drought as we move forward. Copyright © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN” are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. Disclaimer :  The purpose of the following material is to promote awareness of risk management concepts and to highlight risk management products, features, benefits and availability. This presentation does not provide full details of policy provisions or approved procedures. Producers should consult with a local agent for specific details and program requirements. We are an Equal Opportunity Provider.   FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan). FBN membership is not required to purchase through FBN Insurance LLC, but certain features may only be available to FBN members. FBN Crop Insurance is currently offered in all U.S. states.

What are farm costs going to look like in 2023?  In our latest video, Kevin McNew, Chief Economist at FBN® discusses: Input prices Fertilizer prices Chem prices What to expect from interest rates.  To discuss how this could have an impact on your crop insurance decisions, please visit fbn.com/MPCI . Watch Now Audio Transcript In 2022, farm inflation was off the charts. We saw higher fertilizer prices, higher chemical prices. We had interest rates starting to move up.  What can farmers expect for 2023? I think the good news is we will see some moderation in terms of key inputs that farmers are buying this winter. Namely, we expect fertilizer prices to retreat a little bit off of the highest set in the spring.  We do also expect chem prices to come down. We're seeing pretty dramatic return to normal valuations for active ingredients out of China.  That is starting to make its way into price reductions in ag retail chem prices that farmers are paying now as they look to purchase inputs for 23. On the interest rate side, I don't think we're gonna see a back down in interest rates in 2023.  Indeed, at the Fed's meeting next week, we'll likely see another round of interest rate hikes. Although the hikes should be much smaller than past hikes because we are starting to see consumer inflation drive lower.  We are starting to see some slowdown in the US economy. So overall I think farm costs will be a little moderate from last year, but still very inflated compared to values that they were paying in 2021’s growing season. Copyright © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN” are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. Disclaimer :  The purpose of the following material is to promote awareness of risk management concepts and to highlight risk management products, features, benefits and availability. This presentation does not provide full details of policy provisions or approved procedures. Producers should consult with a local agent for specific details and program requirements. We are an Equal Opportunity Provider.   FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan). FBN membership is not required to purchase through FBN Insurance LLC, but certain features may only be available to FBN members. FBN Crop Insurance is currently offered in all U.S. states.

Hear from FBN® Chef Economist, Kevin McNew’s s market predictions ahead of the 2023 growing season.  In this video, he discusses the future for corn, international conditions in Argentina and Brazil, fertilizer prices and the condition of the US dollar.  To discuss how this could have an impact on your crop insurance decisions, please visit fbn.com/MPCI . Watch Now Audio Transcript As a grain farmer, I think there's a lot of reasons to be optimistic. As we head into the 2023 growing season, one of the key things we look for that will differentiate ‘23 from ‘22 is that we look for corn to really kind of take leadership on the next leg up in prices.  Here's why we think there's so much optimism around the corn market. First of all, in the last year it's been a struggle to see corn get exported to world buyers. Several factors have caused a headwind around that.  One is the strength in the US dollar, especially between January and October of 2022, we saw the US dollar climb sharply up 30% against some of the major currencies around the world, which is a huge downgrade in terms of being able to export corn.  Secondly, in the last fall harvest period, we had hiccups and huge disruptions as a result of the Mississippi River and the drought that impeded our ability to export to world markets.  All of those things are reversing course now. The US dollar is actually starting to weaken as concerns and risk around inflation and interest rates are drawing down. And secondly, we've seen, you know, export buyers start to step in, especially this week with both Colombia and Mexico showing some interest in US corn.  The other thing that we think is positive heading into ‘23 is the struggles that Argentina and to a lesser extent Brazil are having in their growing season. We think this plays out really sharply in terms of corn, where Argentina will have a very, very downgraded crop and the potential for Brazil to have a worse second season safrinha corn crop, I think adds more fuel to the fire for the corn market.  And then finally, in ‘23, the world is going to be struggling still with high nitrogen fertilizer prices. US farmers are probably in the best position to grow corn because of our abundance of natural gas, which is helping us have reasonably cost nitrogen fertilizers.  But the rest of the world is not so fortunate, and so I think we will see a big pullback in world corn acres where US farmers may be able to at least maintain and possibly move higher.  So overall, we look for solid prices in ‘23 with corn, probably having the best upside potential. Thanks for watching. Copyright © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN” are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc. Disclaimer :  The purpose of the following material is to promote awareness of risk management concepts and to highlight risk management products, features, benefits and availability. This presentation does not provide full details of policy provisions or approved procedures. Producers should consult with a local agent for specific details and program requirements. We are an Equal Opportunity Provider.   FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan). FBN membership is not required to purchase through FBN Insurance LLC, but certain features may only be available to FBN members. FBN Crop Insurance is currently offered in all U.S. states.

Collecting and analyzing data is a key factor of success for modern farmers. Almost 86% of farmers said that they want to use data tools that will make their operations more profitable (1). And of course, who doesn’t want to be more profitable?  But another interesting use case for data analysis is for crop insurance benefits or payment reductions. 77% of farmers said this is an incentive for collecting and sharing data.  What is precision ag? Precision ag is a way to record the events you’re doing in your fields. These days, a lot of new machines will record  all of the activities you’re doing in your field and provide you with data to analyze. But there are still a number of machines where you need to input your data in order to record what’s going on in the field based on GPS data.  So how can you use the data that’s captured? The raw data won’t be much good unless you have a way to analyze it. That’s where some of our free tools will be able to help you make sense of all this useful data.  Benefits of precision ag  Convenience Don’t let the data that you’re already capturing go to waste. You can upload your data from multiple displays and is compatible with multiple FMS products into your FBN® account.  Save time and money With more accurate data, you’ll always insure exactly what you plant and increase your APH while lowering your premium. And you’ll have fewer records to take care of when adjusting a loss. So reporting a claim will take less time and allow you to get back to your operation.  How much money can I save? As your APH data gets more accurate, so do your claims. This means farmers are saving 4% on their crop insurance premiums by using their precision ag data. If you’re reporting fewer acres, this results in a higher reported yield. The higher adjusted APH could help you at claim time.  The higher guarantee as a result of an improved APH will be the first dollars that are paid in a loss situation. [WATCH: Data Driven Insurance: Using Data to Make Informed Decisions] How to use precision data Acreage and production reporting Use the data you are already collecting for required crop insurance reporting after planting and harvest.  Claims Using just three precision records, your adjuster can adjust a loss in a fraction of the time. APH Reviews Use your electronic precision records for supporting a review to save time, provide the most accurate data available, and improve record organization. Trust and privacy One of the biggest pain points farmers face is knowing which system to use for data analysis. There’s an overabundance of software on the market and it can be difficult to decide which tool offers the best reports.  But for many farmers, there’s also concerns about how their data will be collected and used.  Ag Data Transparent FBN is proud to be certified as Ag Data Transparent (ADT). We have always put Farmers First® and want to be open and transparent about the data we collect. Being certified ADT affirms our data and analytics services are private and secure.  [READ: Are You Confident in Your Crop Insurance Coverage?] Need a second opinion on your crop insurance? With a range of tools that provide a virtual snapshot of what risk looks like in your area and on your farm, our team utilizes more than 30 years of data and  FBN  insights to compare different scenarios and see how they would work for you. Click here  to learn more about our expert agents and data-backed approach to crop insurance. Resources (1) - Farmer Perspectives on Data 2021 Copyright © 2014 - 2023 Farmer's Business Network, Inc. All rights reserved. "Farmers Business Network", "FBN", “FBN Direct”, "Farmers First" and the Farmers First flag logo are registered service marks of Farmer's Business Network, Inc. We are an Equal Opportunity Provider. FBN Crop Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan) and are only available where FBN Insurance LLC is licensed. FBN membership is not required to purchase through FBN Insurance LLC, but certain features are only available to FBN members. FBN Crop Insurance is currently offered in the following states: AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY.