FARM BUSINESS NEWS
Rural America's Safety Net
Marcia Zarley Taylor DTN Executive Editor
Mon Mar 11, 2013 01:30 PM CDT

HADDONFIELD, N.J. (DTN) -- Crop insurance not only deflected a financial disaster on grain farms after last summer's epic drought, it warded off a meltdown for Main Street businesses as well, a new study by University of Nebraska-Lincoln economists Eric Thompson and Brad Lubben found.

Farmers in the four states studied -- Iowa, Nebraska, South Dakota and Wyoming -- had collected a record $4.5 billion in 2012 insurance claims through March 4. Those payments not only helped growers cover losses and afford to plant another crop in 2013, but preserved more than 20,000 jobs in ag-related businesses, the economists concluded.

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