Build an Integrated Risk Management Plan: Feb. 15 Workshop Takes You Through the Steps
February 3, 2012
Feb. 15 Workshop Takes You Through the Steps
Higher volatility in the commodity market leads to increased crop insurance premiums, but also makes it possible to profitably sell covered puts. This provides new options for managing yield and price risk.
Learn more about how to develop an integrated marketing/production management approach at the next Farmers and Ranchers College program.
The Crop Insurance and Marketing Workshop will be Wednesday, February 15 at the Fillmore County Fairgrounds in Geneva. The program will be presented by Art Barnaby, an agricultural economics professor at Kansas State University.
The workshop will show how to combine FSA programs, crop insurance, and marketing tools into an integrated program. Using a case study of a typical grain farm, participants will have the opportunity to select type and level of crop insurance, FSA program participation, and then work through a typical grain marketing year, with four marketing opportunities. Participants will be able to use several risk management tools, including 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, participants should have a better understanding of how crop insurance, when combined with alternative marketing techniques, can reduce farm financial risk and increase farm income.
Barnaby conducts 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 three-time winner of the American Agricultural Economics Association Distinguished Extension Program Award and the 2009 National Award for Excellence in Extension.
The event will start with registration at 8:30 a.m. and end by 4 p.m.
Due to generous contributions from the sponsors of the Farmers & Ranchers College, the program is free. To ensure an accurate meal count, the registration deadline is Feb 10. To register call the Fillmore County Extension office at (402) 759-3712 or email Brandy VanDeWalle at email@example.com.