This year's frequent rains may prevent planting from being completed before yield decreases become significant. The multiple peril crop insurance (MPCI) revenue protection and yield protection policies include Prevent and Late Planting coverage. In Minnesota, the final planting date for corn is May 31; it is May 25 in northern Minnesota. For soybeans, it is June 10. After these dates, producers have several options.
Producers can elect not to plant a crop and leave the land idle. The coverage at that point is 55% for corn and 60% for soybeans. The producer must contact their crop insurance agent within 72 hours of the final planting date.
If a producer chooses to plant the crop, the late planting coverage includes a 25-day late planting period after the final planting date. For corn, the late planting period is June 1 through 25, and the coverage level drops by one percent each day. At the end of that period, coverage is 55%. For soybeans, the late planting period is June 11 to July 5.
A producer can also choose to plant an alternative crop. Contact your insurance agent to explore options and understand the rules.
Another factor to consider is the possible returns associated with all the alternatives. Lower expected yields with full input costs may make the option to not plant a crop a better choice. Also, the lower yields for any of these choices will have an impact on future APH (actual production history) calculations.
Find more information about prevented planting.
This spreadsheet developed by Iowa State can help you make a decision.