Ag Alert. April 27,2022

NATIONWIDE NEWS

Insurance decisions can help with inflation worries The following information is providedby Nationwide®, the#1 farmandranch insurer in the U.S.*

During this time of uncertainty, Nationwide and your local Nationwide farmagent areworking hard tohelp farm- ersmaintaintheright coverage levelswith- out incurring too much additional cost. Now is the time to talkwith your agent. “My immediate concern is making sure you have adequate coverage,” said Nationwide Associate Vice President for AgribusinessRegionalSalesNickMcCleish. “Wehavetomakesuretheamountof insur- ance is keeping pacewith rising costs.” McCleishcites a recent examplewhena farmer had to replace a $75,000 grain cart. But at the time of replacement, the price for that grain cart had surged to $90,000. Thatmeant the farmer paid theadditional cost out of pocket. “Paying those types of increased costs becomemuchmore diffi- cult if youdon’t keepyourpolicyupdated,” McCleish said. Addinginflationguardcoveragecanhelp. The optional inflation guard coverage can help prevent such revenue losses by increasing dwelling and structure cover- age limits at policy renewal. Also known as ConstructionCost Adjustment, it helps to account for inflation in replacement or construction costs based on appraisals.

But inflationguarddoesn’t always cov- er all additional costs. It’s important to have a good idea of costs for things such as building materials and equipment ahead of time. Thenmatch coverage lev- els to potential unexpected replacement or repair needs. “Your insurance should not be a ‘set-it- and-forget-it’ type of activity. Keep your agent up to speed on how your opera- tion’s changing. Make sure you’re covered

appropriately,” McCleish said. “Have an agent thatunderstandsyouroperation,and uniquenessofwhat you’re trying todo.Our FarmCertified agents serve that purpose.” Visit AgInsightCenter.comfor more ex- pert tipsandinformationfromNationwide. *A.M. Best Market Share Report 2020. Nationwide, the Nationwide N and Eagle, and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company.©2021Nationwide

There’s a lot happening around the world that’s applying downward pressure torevenueprospects for farmers. Inflation, logistical hurdles, rising energy and crop input prices at homeandconflict overseas couldall continue tocontribute to theero- sion of farmrevenue potential. Butmaximizingfarmrevenuerequiresin- vestment. That investment is likely tocome with some sticker shock this spring andbe- yond.Therightinsurancecoveragecanhelp. Staying on top of your insurance cover- age can help keep unexpected expenses suchas rising replacement costs fromcut- tingpotential farmrevenue. Acloseeyeon your coverage and a call to your agent can helpmakesure thesecostsdon’t addto the financial pressure causedby inflation and other factors at home and abroad. “All of these issues have a big impact on farmoperational costs.We’re seeinghigh- er prices for energy, machinery andmany other inputs,” said Nationwide Senior Economist BenAyers. “It puts a lot of pres- sureonrevenuesmany farmersare facing.” Connectingwith your agent is key.

State soil grants awarded

California Department of Food and Agriculture has selected seven demon- stration projects to receive a total of $1.12 million inHealthy Soils Programgrants. The funded projects include: • An American Farmland project to demonstrate biochar application on a Californiaalmondorchard,with the intent of analyzing the economic benefits. • A University of California, Davis, project assessing climate-smart healthy soils practices. •ARodale Instituteprojectoneconomic viabilityof environmentally friendlyman-

agement practices to improve soil health in vegetable production systems. • A Center for Land-Based Learning project on carbon sequestration in an ol- ive orchard. • A Cal i fornia Mar ine Sanctuary Foundation soil health project on residue managementandreducedtillagepractices. • A UC Agr i cul ture and Natural Resources project on potential adoption of winter cover cropping. • A Kandarian Organic Farms project to install a hedgerow and provide a seed collection site.

STAY COMPLIANT!

Agricultural Market Review

Quotations are the latest available for the week ending April 22, 2022 Year Ago Week Ago Latest Week Livestock Slaughter Steers – 5-Area Average Select & Choice, 1050–1150 lbs., $ per cwt. 120-121 137-138 139 Hogs – Average hog, 51-52% lean, Iowa-Minn. market, $ per cwt. 105.46 98.69 99.81 Slaughter Lambs – $ per cwt. 125–175 lbs. National weekly live sales 165-200 212.50-250 196-249.50 Field crops – basis prompt shipment Barley – U.S. No. 2, $ per cwt. Truck, Stockton-Modesto-Oakdale-Turlock No Quote No Quote No Quote Cotton – ¢ per lb., Middling 1 3/32” Fresno spot market 79.81 99.23 98.04 Corn – U.S. No. 2 yellow $ per cwt. trucked 8.04 9.85 No Quote Alfalfa Hay – $ per ton, quality*, FOB Region 1, Northern Inter-mountain 300 (P) No Quote 250 (F/G) Region 2, Sacramento Valley 230-260 (G/S) No Quote 360 (orchard mix) Region 3, Northern San Joaquin Valley 220-300 (G/S) 400 (P/S) 370-390 (P/S) Region 4, Central San Joaquin Valley No Quote No Quote No Quote Region 5, Southern California 259 (P) No Quote No Quote Region 6, Southeast Interior 215-235 (P/S) 360-380 (P/S) 365-380 (P/S) Oat Hay – $ per ton, quality*, FOB Northern California, dairy No Quote No Quote No Quote Oats – U.S. No. 2 white, $ per cwt. Statewide, trucked price No Quote No Quote No Quote

Buy Your Employment Notifications Books and Posters TODAY! California ag employers are required by state and federal law to provide their employees more than 30 notifications of legal requirements and mandated employee benefits and those notices change constantly.

NEW FOR 2022

Laminated Five-poster Notification Poster set -$175

Spiral Bound 11"x17" Notification Book -$175

Dry Beans – Grower FOB prices Baby Limas, $ per cwt, (sacked) Large Limas, $ per cwt. (sacked) Blackeye, $ per cwt. (sacked)

No Quote No Quote No Quote

English and Spanish, side-by-side !

Rice – Milled No. 1 Head, FOB No. Calif. mills Medium grain, $ per cwt. Wheat – U.S. No. 2 or better, winter, $ per cwt. 13% protein, Los Angeles, trucked price

38-41

54-56

FELS Employment Notifications Books and Laminated Posters are your key to notification compliance! Both include all the notices California ag employers are required by law and regulation to make.

13.25 No Quote Provided by the California Farm Bureau as a service to Farm Bureau members. Information supplied by the U.S. Department of Agriculture’s Market News Branch. * ADF=Acid detergent fiber; (S) = Supreme/<27%ADF; (P) = Premium/27-29; (G) = Good/29-32; (F) = Fair/32-35. No Quote

Order yours today at www.fels.net/posters.

18 Ag Alert April 27, 2022