Winter’s icy fingers have touched most of the Prairies since late September, causing havoc and frustration for many farmers trying to get crops off their fields. Dave Reid, who farms near Cremona, northwest of Calgary, estimates 20 to 25 percent of his canola is still in the ground under layers of snow.
Agricultural producers can enroll in the Agriculture Risk Coverage and Price Loss Coverage programs – two U.S. Department of Agriculture safety net programs – for the 2020 crop year. Meanwhile, producers who enrolled farms for the 2018 crop year have started receiving more than $1.5 billion for covered commodities for which payments were triggered under such programs.
The United Kingdom-based charity organization Oxfam International announced the success of its blockchain-based delivery system of microinsurance to paddy field farmers in Sri Lanka. In a Nov. 4 press release, Etherisc announced that Oxfam’s blockchain-based insurance system had made pay-outs to Sri Lankan farmers who continue to risk losing their crops due to extreme weather events.
During 2019, nearly 86 million acres of corn, 13 million acres of cotton and 70 million acres of soybeans were covered by crop insurance, accounting for approximately 95% of corn acres and cotton acres and 92% of soybeans acres planted in the U.S. Collectively, farmers paid more than $2.3 billion to cover these crops under crop insurance.
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