Crop Failed? There’s Insurance for That
Tess Vigeland: Congress left for its summer vacation without coming up with a drought relief package for farmers and ranchers.
But that doesn’t mean they’re all left high and dry. A lot of farmers are going to get help from crop insurance. And that could put a crimp in the bottom line of insurance companies — and taxpayers. Marketplace’s Adriene Hill explains.
Adriene Hill: Corn is supposed to be green and tall this time of year.
Doug Yoder: It’s brown.
Doug Yoder is with the Illinois Farm Bureau. He says it’s brown and/or short, depending on where you are.
But scrawny plants don’t always add up to scrawny paychecks. Most corn and soybean farmers — and we’re talking big-scale farmers here — have crop insurance. The feds pick up a big part of the tab, farmers pay the rest.
Yoder: Anybody that drops a seed in the ground and hopes to make a living on that, you’re accustomed to taking risks. But there are also limits to those risks that you can take, and we’ll be testing those limits this year. There’s no doubt about it.