NAFB News Service
USDA announced it is expanding the Margin Protection insurance plan.
The agency will add more than 1,000 counties to the insurance option that provides coverage against an unexpected decrease in operating margins for corn and soybean farmers.
This expansion comes from growing interest among producers and will be available by June 30.
Interested producers will need to purchase their coverage by September 30 to be eligible for the 2024 crop year.
“Increasing the availability of a program is sometimes the best way we can improve upon an effective program and serve our farmers with more risk management resources,” Marcia Bunger, administrator of the Risk Management Agency, said.
Margin Protection protects against decreases in margin caused by reduced county yields, reduced commodity prices, increased prices of certain inputs, or any combination of these issues.
“This expansion will provide a viable insurance option for so many more farmers across the country,” Bunger added.