May is Mental Health Awareness Month, which is a good time to check in on your own mental wellbeing and that of your family, staff, and loved ones.
Today’s Harvest Blog
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In the context of farming business structures, acquiring a life insurance policy is a prevalent practice. Here are two common scenarios and an update on an ongoing Supreme Court case involving the IRS concerning the valuation of businesses when insurance payouts are implicated and whether such proceeds are deemed liabilities or not.
April 11, 2024
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Crop insurance can protect against financial losses from weather-related crop damage and quality reductions. Its purpose is to ensure farmers can continue operating after a difficult season. In a year like 2023, being insured against these types of weather events can make or break a business.
February 22, 2024
In 2023, the Northeast experienced another wet tobacco growing season. Given the high cost of tobacco cultivation (over $1,000 per acre), risk management plans are crucial for producers. Connecticut insured more than 3,000 acres of this valuable crop. The purpose of crop insurance, like any other insurance, is not to bring profits but to make the producer whole again so they can continue to farm the following year.
February 13, 2024
Last year saw a marked decline in milk prices from 2022. Feed and fuel costs declined to a lesser extent, but many other expenses increased, reducing margins for dairy producers. Farm Credit East and Crop Growers crop insurance recently hosted a webinar to provide a 2024 outlook for the Northeast dairy industry.
February 06, 2024
2023 was a wet growing season in the Northeast. As a result, the more than 240 Northeast potato producers growing 63,000 acres of potatoes endured a tough growing season loss. Many Northeast potato farmers use crop insurance to help manage this risk. Below are three endorsements that tailor the USDA RMA potato crop insurance policy for potato operations.
January 30, 2024