In-Season Price Option

Producers who select the In-Season Price Option will initially receive a production guarantee based upon the base price.

The dollar guarantee for the In-Season (ISP) will be recalculated based upon the final price. Producers should be aware that the dollar guarantee may fluctuate up or down, depending on final pricing. Prices are based on a province-wide survey of grain marketers conducted between September and February by an independent third-party agency. The In-Season Price Option sets the final price in mid-March following the year of selection. An interim payment will be made when the claim is processed, based upon a percentage of the spring base price, and the final payment will be issued once the In-Season Price is finalized. The premium is based on the historical relationship between the actual base price in the spring and the final price. This allows the premium costs to be finalized based upon the base price regardless of the direction the prices move for the final price. However, premiums will be higher than for the base price or Low Price Option, to account for the risk of price uncertainty.

The final price for a crop can increase or decrease by a maximum of 50 per cent in relation to the base price for the crop.

Under this option, there is no cap on the maximum value for the forage insurance price. If the market price for hay rises over the course of the year, producers selecting this option will see the full price increase for their forage claim. The final price for a crop can decrease by a maximum of 50 per cent in relation to the base price for the crop if the final price decreases.

The Contract Price Option or Crop Averaging Program is not available if the In-Season Price Option is selected. All options must be selected by March 31.