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| Frank,
Without a doubt, I would look really hard at a production hail an wind plan, possibly used with an "old" MPCI policy. Hail production plans (110% in NE, up to 115% in IA and MN). This type of combination will give you over $900 per acre of hail/wind and MPCI protection, that will pay you bushel for bushel lost on your irrigated ground from 198 bu (110% of 180 aph) down to 0 bushel. And the total cost will be about the same as just buying a 75% RA policy, that gives no top side protection on the irrigate ground (where the bulk of your bushels must come from.
The problem(s) with GRIP in central/irrigated Nebraska are: Irrigated yields will almost never fail, so on irrigated land, we are only buying price protection. This works fine in counties with few acres of irrigated, such as Union County SD (paid over $100 per acre on GRIP corn for 2007) because they have only an "all practices" GRIP, so the irrigated acres "tag along" and are paid when dryland yields are down.
However in most of NE, we both irrigated and dryland GRIP offers, and so buying $400 - $1,000 of hail on top of GRIP doesn't look too attractive.
A hail production plan, coupled with MPCI will give you top to bottom coverage, and by the time you have collected all the hail/wind protection on the top side from this combined policy, no low level RA policy with a bit of companion hail will ever overcome (outpay) this combination.
My opinion, Rob
Edited by robheyen 3/9/2008 09:38
Attachments
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 Production hal Plan example.pdf (54KB - 272 downloads)
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Ref Johnson and Jackson Co. MO.
