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The Rainfall Index Annual Forage Pilot Program As A Risk Management Tool For Cool-Season Forage

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  • MAPLES, JOSHUA G.
  • BRORSEN, B. WADE
  • BIERMACHER, JON T.

Abstract

The recently implemented Rainfall Index Annual Forage pilot program aims to provide risk coverage for annual forage producers in select states through the use of area rainfall indices as a proxy for yield. This article utilizes unique data from a long-term study of annual ryegrass production with rainfall recorded at the site to determine whether the use of rainfall indices provides adequate coverage for annual forage growers. The rainfall index is highly correlated with actual rainfall. However, it does not provide much yield loss risk protection for our cool-season forage data.

Suggested Citation

  • Maples, Joshua G. & Brorsen, B. Wade & Biermacher, Jon T., 2016. "The Rainfall Index Annual Forage Pilot Program As A Risk Management Tool For Cool-Season Forage," Journal of Agricultural and Applied Economics, Cambridge University Press, vol. 48(1), pages 29-51, February.
    • Handle: RePEc:cup:jagaec:v:48:y:2016:i:01:p:29-51_00
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    Cited by:

    1. James B. Keller & Tina L. Saitone, 2022. "Basis risk in the pasture, rangeland, and forage insurance program: Evidence from California," American Journal of Agricultural Economics, John Wiley & Sons, vol. 104(4), pages 1203-1223, August.
    2. Ashlee Westerhold & Cory Walters & Kathleen Brooks & Monte Vandeveer & Jerry Volesky & Walter Schacht, 2018. "Risk implications from the selection of rainfall index insurance intervals," Agricultural Finance Review, Emerald Group Publishing Limited, vol. 78(5), pages 514-531, May.
    3. Yu, Jisang & Vandeveer, Monte & Volesky, Jerry, 2017. "Basis Risk and Effectiveness of Rainfall Index Insurance for Pasture, Rangeland and Forage," SCC-76 Meeting, 2017, March 30-April 1, Pensacola, Florida 256327, SCC-76: Economics and Management of Risk in Agriculture and Natural Resources.
    4. Belasco, Eric J., 2020. "WAEA Presidential Address: Moving Agricultural Policy Forward: Or, There and Back Again," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 45(3), September.
    5. Keeler, James B. & Saitone, Tina L., 2020. "Basis Risk Associated with the Pasture, Rangeland, and Forage Insurance Program: Evidence from California," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304322, Agricultural and Applied Economics Association.
    6. Vroege, Willemijn & Dalhaus, Tobias & Finger, Robert, 2019. "Index insurances for grasslands – A review for Europe and North-America," Agricultural Systems, Elsevier, vol. 168(C), pages 101-111.
    7. Collins, Wilson, 2022. "Potential Changes To Improve The Pasture, Rangeland, Forage Insurance Program," 2022 Annual Meeting, July 31-August 2, Anaheim, California 322574, Agricultural and Applied Economics Association.

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