Risk Management Agency Expands the Margin Protection Program

Farm Credit East is pleased the Risk Management Agency (RMA) has approved the expansion of the Margin Protection Program for the 2024 crop year. This expansion will be beneficial to many Northeast growers as producers in select counties in New York and Vermont as well as producers in New Jersey will now have expanded coverage for corn and soybeans. Additionally, corn coverage has been expanded in New Hampshire, Maine, Massachusetts, Connecticut and Rhode Island.

“This extension of coverage expands the federal crop insurance program’s safety net for many Northeast farmers, allowing producers to expand their current risk management plan or develop a plan that includes crop insurance,” said Jeremy Forrett, senior vice president for Crop Growers.

Margin Protection provides coverage against unexpected losses due to price, yield or input cost increases. This coverage can work in conjunction with revenue coverage to provide protection for both individual risk and area coverage for the expected operating margin.

RMA serves America’s agricultural producers through effective, market-based risk management tools that strengthen the economic stability of agricultural producers and rural communities. RMA is committed to increasing the availability and effectiveness of Federal crop insurance as a risk management tool. RMA manages the Federal Crop Insurance Corporation (FCIC) to provide innovative crop insurance products to America’s farmers and ranchers.

The last date to purchase or change coverage for the 2024 crop year is September 30, 2023. To find out more about crop insurance, visit CropGrowers.com, contact your local Farm Credit branch office or call the Northeast Customer Service Center at (800) 234-7012.

Farm Credit East is a member owned cooperative with 25 locations in its eight-state service area. In addition to loans and leases, the organization also offers a full range of specialized financial services, such as tax preparation, payroll, record keeping, appraisal and consulting for farming, forest products and commercial fishing businesses. Farm Credit East is governed by a 18-person board of directors, comprised of 15 customer-elected, two customer appointed and one outside appointed directors. For more information, visit FarmCreditEast.com.

Over the past 20 years, Crop Growers, has developed risk management plans for northeast farmers that have responded to weather and market related crop losses by paying indemnities in excess of $500 million. To find out more about crop insurance, visit CropGrowers.com, contact your local Farm Credit branch office or our Northeast Customer Service Center at (800) 234-7012