Crop Insurance Alternatives for Hay Crop Insurance Conference
- Slides: 21
Crop Insurance Alternatives for Hay Crop Insurance Conference Fargo, North Dakota January 20, 2003 Matthew A. Diersen, Ph. D. Economics Department South Dakota State University
Outline • • • Why look at hay insurance? National perspective Tri-state perspective Why isn’t it working? Looking ahead
Motivation • • Structural changes Drought bringing awareness Historic disaster aid ties Refinements in product(s)
Literature “The U. S. Hay Market: Higher Prices in 1996/97” - Shields and Baker, Agricultural Outlook (1996) “U. S. Hay Production” - Dismukes and Zepp, Economic Research Service Staff Paper No. 9607 (1996) “Should This Crop Be Insured? ” - Harvey, Hay & Forage Grower (1998)
Literature (cont. ) “Crop Insurance for Hay and Forage” - Dismukes, Zepp and Smith, ERS report on the RMA website (1996) “Crop Insurance Alternatives for Hay in South Dakota” - Diersen, SDSU Ex. Ex 5044 (2002) “Noninsured Crop Disaster Assistance Program” - Johnson, AMPC Briefing No. 14 (2002)
Potential Demand Factors • • Yield variability Presence of subsidy Hay is valued input Some revenue dependence
NAP Coverage • Noninsured Crop Disaster Assistance Program • Administered by Farm Service Agency • Similar to CAT coverage • Deadline is December 1 • Coverage for pasture and grass hay
Common Tendencies in 2002 • • • ¼ S. D. acres under CAT ½ S. D. acres at 50% level ¾ N. D. acres under CAT ¼ M. N. acres under GRP
Shortcomings • • Ignorance about availability Record-keeping demands Lack of quality provisions Only yield products offered
Product Refinements • Can the DOT weigh bales? • Is there a place for GRP? • Is a revenue product feasible? – Quality seems distributed like wheat’s – Current yield and price are correlated • Do WE just need to get the word out?
Summary • • Customer base is slowly changing Current products may not match needs NAP may be viable alternative YOUR input will likely bring change
For More Information • diersen. matthew@ces. sdstate. edu • Phone: (605) 688 -4864 • http: //sdces. sdstate. edu/ – Click on the “Markets” tab – Scroll to Ex. Ex 5044 • AMPC website
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