2015 was a good production year for corn and soybeans, with above-average yields in most of the province.
Producers reported corn yields that were about eight per cent higher than the provincial average farm yield (AFY) for Production Insurance, and soybean yields that were four per cent higher than average. The following table compares the average reported yields to the average AFYs across the province:
Average reported yield
Provincial average farm yield (AFY)
Harvest at a glance
In 2015, Agricorp insured nearly 9,000 customers with about 1.5 million acres of corn and more than 11,000 customers with more than 2 million acres of soybeans.
How do strong yields affect your program participation?
Coverage is based on a producer's individual history, using a 10-year average farm yield (AFY). An above-average yield raises a producer's AFY, which means they have higher coverage when they need it. Good yields result in low claims across a plan, which help keep base premiums stable and can also lead to individual premium discounts. A higher AFY can also benefit you in the Risk Management Program for Grains and Oilseeds: if market prices drop below chosen coverage levels, the participant's AFY is used to calculate payments.
Looking ahead to 2016
Producers who are already enrolled in Production Insurance can expect to receive a renewal notice in March. Coverage is based on last year's coverage, but can be changed by contacting Agricorp by May 1. Producers who are interested in signing up for Production Insurance can contact Agricorp to complete an application before May 1.
For more information on average farm yields, read
Determining Average Farm Yields.
Details and rates for 2016 will be available in early March.