RAM (Risk Assessed Marketing) Workshops
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With increasingly constrained subsurface irrigation water supplies in Western Kansas, there is a need to understand how Limited Irrigation Crop Insurance and associated Written Agreements can be used in farmers’ pre-harvest crop risk management strategies.
Following the fall 2018 harvest in early December 2018 corn prices in Western Kansas were at or below most farm’s cost of production. Surviving this corn market down turn that is at risk to continue through at least fall 2019 will be the focus of this Limited Irrigation Corn Risk Assessed Marketing (RAM) workshop. This RAM workshop will focus on 1) limited irrigation crop insurance tools in this area of declining water availability, and 2) corn market outlook and marketing tools and strategies to consider for use in 2019. It is a timely education program that will provide farmers with new ideas and risk skills to manage irrigated corn yield risks under declining irrigation water supplies on the one hand, and anticipated corn market risks on the other.
This workshop utilizes a case study, with participant’s managing a representative limited irrigated corn production farming operation in Western Kansas under anticipated year 2019 conditions. This case problem approach is designed to improve farmers’ understanding of limited irrigation crop insurance coverage tools and alternative corn marketing strategies. This RAM workshop will also address an important USDA farm program choice that U.S. farmers are expected to have to make, i.e., annual selections between Price Loss Coverage (PLC) & Agricultural Risk Coverage (ARC). This workshop will provide an examination of how PLC and ARC have worked to date, and their likely performance during 2019 and succeeding years. We encourage you to prepare ahead of time! The CME Group provides “Self Study Guide to Hedging with Grain and Oilseed Futures and Options" at:
8:30 Registration (coffee & rolls)
9:00 Welcome & Introductions
9:05 Limited Irrigation Crop Insurance Tools by Shawn Beach – RMA/Topeka.
9:35 Western Kansas Examples of Limited Irrigation Insurance Coverage by Monte Vandeveer – KSU Ag Economics.
10:15 2019 Corn Market Basis, Forward Contract, Futures Hedge & Option Opportunities by Daniel O’Brien KSU AgEcon
11:05 USDA Farm Bill – 1st Look at Farmers’ 2019 PLC vs ARC Choices. By M. Vandeveer KSU AgEcon
11:35 Crop Insurance “Bushel Replacement” with Pre-harvest Forward Pricing - O’Brien KSU AgEcon
12:45 Introduce Case Farm – 2019 Limit Irrigated Corn.
1:15 Making Corn Marketing & Risk Management Decisions for a Simulated 2019 Case Farm.
2:30 Completion of Case Farm Exercise.
3:00 Summary of Workshop Case Farm.
3:30 End of Workshop