USDA announces revenue protection harvest prices for crop insurance

By Sara Wyant

© Copyright Agri-Pulse Communications, Inc.



WASHINGTON, Nov. 5 - Crop insurance payouts - already destined to reach record levels this year - will likely climb higher with USDA's Risk Management Agency (RMA) announcement of harvest price options for revenue protection plans.

Farmers who invested in the higher-priced harvest price options on their crop insurance will receive $7.50 bu. for corn, $7.31/bushel for grain sorghum, $15.39 for soybeans and $0.73/pound for cotton. Organic producers are eligible for even higher levels of revenue protection.

Crop insurance indemnity payments through Nov. 5 totaled almost $3.6 billion nationwide. That total included $1.66 billion for corn and $275 million for soybeans, and $663 million for wheat, according to USDA's summary of business.

Under the harvest price option, revenue guarantees increase when the harvest price-which is much higher this year because of the historic drought - exceeds the projected price. Those who elected to be covered by the less expensive non-harvest price coverage will receive the $5.68 per bushel for corn and $12.55 per bushel for soybeans set in March at the time of insurance sign-up.

The 2012 CY harvest prices shown below are approved for the Revenue Protection and the Revenue Protection with Harvest Price Exclusion plans of insurance. The harvest prices are applicable for the crops, types, practices, sales closing dates, and states indicated in the following table.

Crop/Type/Practice/ Sales Closing Date/State

Exchange

Contract

Harvest Price

Corn

February 28 Sales Closing Date

Arizona & California

CBOT

December Corn

 

$7.50/bushel

Corn - Organic Practice

February 28 Sales Closing Date

Arizona & California

CBOT

December Corn

 

$10.55/bushel

Corn

March 15 Sales Closing Date

Colorado, Connecticut, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York,
North Dakota, Ohio, Pennsylvania,
Rhode Island, South Dakota, Tennessee, Utah, Vermont, Virginia, West Virginia, Wisconsin & Wyoming

CBOT

December Corn

 

$7.50/bushel

Corn - Organic Practice

March 15 Sales Closing Date

Colorado, Connecticut, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska,

New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Pennsylvania, Rhode Island, South Dakota, Tennessee, Utah, Vermont, Virginia,

West Virginia, Wisconsin & Wyoming

CBOT

December Corn

 

$10.55/bushel

Cotton

February 28 Sales Closing Date

Alabama, Arizona, Arkansas, California, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina & Texas

ICE

December Cotton

 

$0.73/pound

Cotton - Organic Practice

February 28 Sales Closing Date

Alabama, Arizona, Arkansas, California, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina & Texas

ICE

December Cotton

$1.10/pound

Cotton

March 15 Sales Closing Date

Missouri, Tennessee, Texas & Virginia

ICE

December Cotton

$0.73/pound

Cotton - Organic Practice

March 15 Sales Closing Date

Missouri, Tennessee, Texas & Virginia

ICE

December Cotton

 

$1.10/pound

Grain Sorghum

February 28 Sales Closing Date

Arizona, California & North Carolina

CBOT

December Corn

 

$7.31/bushel

Grain Sorghum

March 15 Sales Closing Date

Colorado, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Missouri, Nebraska, New Jersey, New Mexico,
New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Virginia & Wisconsin

CBOT

December Corn

 

$7.31/bushel

Popcorn

March 15 Sales Closing Date

Colorado, Illinois, Indiana, Iowa, Kentucky, Minnesota, Missouri, Nebraska, Ohio & South Dakota

CBOT

December Corn

 

$0.3000/pound

Rice

February 28 Sales Closing Date

California, Illinois, Missouri, Oklahoma & Tennessee

CBOT

November Rice

 

$0.150/pound

Soybeans

February 28 Sales Closing Date, Arkansas, Louisiana, Mississippi & Texas

CBOT

November Soybeans

 

$15.39/bushel

Soybeans - Organic Practice

February 28 Sales Closing Date

CBOT

November Soybeans

$24.49/bushel

Soybeans

March 15 Sales Closing Date

Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Vermont, Washington & Wisconsin

CBOT

November Soybeans

$15.39/bushel

Soybeans - Organic Practice

March 15 Sales Closing Date

Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Vermont, Washington & Wisconsin

 

CBOT

November Soybeans

$24.49/bushel

Sunflowers - Oil Type

March 15 Sales Closing Date

Colorado, Kansas, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Texas
& Wyoming

CBOT

December Soybean Oil

 

$0.265/pound

Sunflowers - Confectionary Type

March 15 Sales Closing Date

Colorado, Kansas, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Texas
& Wyoming

CBOT

December Soybean Oil

 

$0.340/pound

 

The RMA also announced the 2012 CY harvest prices have been approved for GRIP corn, grain sorghum and soybeans in counties where the harvest price is determined by the exchange, contract and harvest discovery period indicated in the following table.

 

Crop

Exchange

Contract

Discovery Period

Harvest Price

Corn

CBOT

December Corn

October

$7.50/bushel

Grain Sorghum

CBOT

December Corn

October

$7.31/bushel

Soybeans

CBOT

December Soybeans

October

$15.39/bushel

 

#30

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