The last day to make wheat policy changes or to obtain a wheat policy is September 30th. While current wheat prices are relatively low there is considerable upside to this market. The continued unrest in Ukraine and the possibility of export restrictions has the potential to be a driver of the wheat market.
The initial price guarantee will be set on September 15. We anticipate this number to be near $6.74. While this does seem low compared to last fall, it is still a historically higher price for wheat in our area. The lower wheat prices will be reflected when looking at 2024 wheat insurance premiums. Your insurance premiums are based on a combination of the initial price guarantee, market volatility, and your production history.
As a reminder, if you plant any insurable crop behind wheat harvested for grain it will be considered a double crop. Double cropping practices are insurable only through a written agreement in most of Missouri. If you’d like to have your double crops insured in 2024 please contact our office to complete the needed process to gain coverage.
If you plant wheat as a cover crop with no intentions of harvesting it for grain you must report the crop as cover or forage at your local FSA. This is important to ensure the crop planted behind the cover/forage wheat is considered an insurable first crop.
If you have questions or changes you’d like to make please contact our office.