RMA - Risk Management Agency

09/15/2021 | Press release | Distributed by Public on 09/15/2021 15:01

PRODUCT MANAGEMENT BULLETIN: PM–21-055

Common Crop Insurance Policy 1

The 2021 CY harvest prices shown below are approved for the following plans of insurance: Revenue Protection and Revenue Protection with Harvest Price Exclusion. The harvest prices are applicable for the crop, sales closing date, states and practices indicated in the following table.


Crop/Sales Closing Date/
State/Practice
Exchange Contract Harvest Price
Corn
February 28 Sales Closing Date
Arkansas & Mississippi
CBOT December
Corn
$5.36/bushel
Corn - Organic Practice
February 28 Sales Closing Date
Arkansas & Mississippi
CBOT December
Corn
$11.19/bushel
1Harvest Prices are applicable for the Enhanced Coverage Option (ECO) and the Supplemental Coverage Option (SCO).

Common Crop Insurance Policy & Area Risk Protection Insurance 1

The 2022 CY projected prices shown below are approved for the following plans of insurance: Yield Protection, Area Yield Protection, Revenue Protection, Area Revenue Protection, Revenue Protection with Harvest Price Exclusion and Area Revenue Protection - Harvest Price Exclusion. The 2022 CY volatility factors shown below are approved for the following plans of insurance: Revenue Protection, Area Revenue Protection, Revenue Protection with Harvest Price Exclusion and Area Revenue Protection - Harvest Price Exclusion. The projected prices and volatility factors are applicable for the crops, sales closing dates, states, types and practices indicated in the following table.


Crop/Sales Closing Date/
State/Type/Practice
Exchange Contract Projected
Price
Volatility
Factor
Barley
September 30 Sales Closing Date
Colorado (Winter types), Delaware, Georgia, Illinois, Indiana, Kansas (Winter type), Kentucky, Maryland, Missouri, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas & Virginia
CBOT July
Corn
$4.86/bushel 0.20
Barley - Organic Practice
September 30 Sales Closing Date
Colorado (Winter types), Delaware, Georgia, Illinois, Indiana, Kansas (Winter type), Kentucky, Maryland, Missouri, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas & Virginia
CBOT July
Corn
$10.39/bushel 0.20
Barley
September 30 Sales Closing Date
New York (Winter type), Pennsylvania (Winter type) & West Virginia
CBOT September
Corn
$4.55/bushel 0.20
Barley - Organic Practice
September 30 Sales Closing Date
New York (Winter type), Pennsylvania (Winter type) & West Virginia
CBOT September
Corn
$9.73/bushel 0.20
Barley
September 30 Sales Closing Date
California (Winter types), Idaho (Winter types), Oregon (Winter types) & Washington (Winter types)
CBOT
September
Corn
$4.55/bushel 0.21
Barley - Organic Practice
September 30 Sales Closing Date
California (Winter types), Idaho (Winter types), Oregon (Winter types) & Washington (Winter types)
CBOT September
Corn
$9.73/bushel 0.21
Barley
March 15 Sales Closing Date
California (Winter types w/o Winter Coverage Endorsement), Idaho (Winter types w/o Winter Coverage Endorsement), Oregon (Winter types w/o Winter Coverage Endorsement) & Washington (Winter types w/o Winter Coverage Endorsement)
CBOT September
Corn
$4.55/bushel 0.21
Barley - Organic Practice
March 15 Sales Closing Date
California (Winter types w/o Winter Coverage Endorsement), Idaho (Winter types w/o Winter Coverage Endorsement), Oregon (Winter types w/o Winter Coverage Endorsement) & Washington (Winter types w/o Winter Coverage Endorsement)
CBOT
September
Corn
$9.73/bushel 0.21
Canola - Canola Type
September 30 Sales Closing Date
Alabama and Georgia
ICE
July
Canola
$0.290/pound 0.23
Canola - Rapeseed Type
September 30 Sales Closing Date
Alabama and Georgia
ICE
July
Canola
$0.387/pound 0.00
Wheat
September 30 Sales Closing Date
Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina & Tennessee
CBOT
July
SRW Wheat
$7.14/bushel 0.20
Wheat - Organic Practice
September 30 Sales Closing Date
Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina & Tennessee
CBOT
July
SRW Wheat
$14.50/bushel 0.20
Wheat
September 30 Sales Closing Date
Delaware, Illinois, Indiana, Iowa (Winter), Maryland, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, Virginia & West Virginia
CBOT
September
SRW Wheat
$7.16/bushel 0.21
Wheat - Organic Practice
September 30 Sales Closing Date
Delaware, Illinois, Indiana, Iowa (Winter), Maryland, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, Virginia & West Virginia
CBOT
September
SRW Wheat
$14.54/bushel 0.21
Wheat
September 30 Sales Closing Date
Wisconsin (Winter)
CBOT September
SRW Wheat
$7.16/bushel 0.22
Wheat - Organic Practice
September 30 Sales Closing Date
Wisconsin (Winter)
CBOT
September
SRW Wheat
$14.54/bushel 0.22
Wheat
September 30 Sales Closing Date
Kansas, New Mexico (Winter & Spring), Oklahoma & Texas (Winter & Spring)
KCBT July
HRW Wheat
$7.08/bushel 0.21
Wheat - Organic Practice
September 30 Sales Closing Date
Kansas, New Mexico (Winter & Spring), Oklahoma & Texas (Winter & Spring)
KCBT
July
HRW Wheat
$14.38/bushel
0.21
Wheat
September 30 Sales Closing Date
Colorado (Winter), Nebraska (Winter) & South Dakota (Winter)
KCBT
September
HRW Wheat
$7.10/bushel 0.23
Wheat - Organic Practice
September 30 Sales Closing Date
Colorado (Winter), Nebraska (Winter) & South Dakota (Winter)
KCBT
September
HRW Wheat
$14.42/bushel 0.23
Wheat
September 30 Sales Closing Date
Montana (Winter) & Wyoming (Winter)
KCBT
September
HRW Wheat
$7.10/bushel 0.24
Wheat - Organic Practice
September 30 Sales Closing Date
Montana (Winter) & Wyoming (Winter)
KCBT
September
HRW Wheat
$14.42/bushel 0.24
Wheat
September 30 Sales Closing Date
California (Winter), Idaho (Winter), Oregon (Winter) & Washington (Winter)
CBOT September
SRW Wheat
with PME Adjustment
$8.24/bushel 0.22
Wheat - Organic Practice
September 30 Sales Closing Date
California (Winter), Idaho (Winter), Oregon (Winter) & Washington (Winter)
CBOT
September
SRW Wheat
with PME Adjustment
$16.74/bushel 0.22
Wheat
September 30 Sales Closing Date
Idaho (Spring), Oregon (Spring)* & Washington (Spring)

* The 2022 CY projected price for Klamath County, Oregon - Spring type will be derived at a later date, using a February 2022 projected price discovery period.

MGE September
HRS Wheat
$7.76/bushel 0.25
Wheat - Organic Practice
September 30 Sales Closing Date
Idaho (Spring), Oregon (Spring)* & Washington (Spring)

* The 2022 CY projected price for Klamath County, Oregon - Spring type will be derived at a later date, using a February 2022 projected price discovery period.

MGE
September
HRS Wheat
$15.76/bushel 0.25
Wheat
October 31 Sales Closing Date
Nevada (Winter) & Utah (Winter)
CBOT
September
SRW Wheat with PME Adjustment
$8.24/bushel 0.22
Wheat - Organic Practice
October 31 Sales Closing Date
Nevada (Winter) & Utah (Winter)
CBOT
September
SRW Wheat with PME Adjustment
$16.74/bushel 0.22
Wheat
October 31 Sales Closing Date
Nevada (Spring) & Utah (Spring)
MGE September
HRS Wheat
$7.76/bushel 0.25
Wheat - Organic Practice
October 31 Sales Closing Date
Nevada (Spring) & Utah (Spring)
MGE
September
HRS Wheat
$15.76/bushel 0.25
Wheat - Durum Type
September 30 Sales Closing Date
New Mexico
MGE
July
HRS Wheat
$10.29/bushel 0.22
Wheat - Durum Type
Organic Practice
September 30 Sales Closing Date
New Mexico
MGE
July
HRS Wheat
$20.90/bushel 0.22
1Projected Prices are applicable for the Enhanced Coverage Option (ECO) and the Supplemental Coverage Option (SCO).

Malting Barley Endorsement

The Malting Barley Endorsement (MBE) utilizes a Chicago Board of Trade (CBOT) soft red wheat price component to derive the 2022 CY projected price for any insured whose malt barley contract provides for a premium amount above or below a base price to be determined, and whose base price is not determined by the acreage reporting date. Please see the MBE for details: www.rma.usda.gov/-/media/RMA/Policies/Small-Grains/2017/Small-Grains-Crop-Provisions-17-0011/Malting-Barley-Endorsement-21-0091b.ashx


Malt Barley Type
Exchange Contract Projected
Price Component
Volatility
Factor
Fall Planted Type
CBOT September
SRW Wheat
$7.16/bushel 0.22

Margin Protection Plan

The following 2022 CY margin projected prices and volatility factors are approved for the Margin Protection Plan. The margin projected price is used in conjunction with projected input prices and the expected county yield to derive the expected margin (per acre), trigger margin (per acre) and liability. The expected margins for each crop/county are available at the following web page on RMA's public website: webapp.rma.usda.gov/apps/actuarialinformationbrowser/

Please see the following web page on RMA's public website for program details: www.rma.usda.gov/Policy-and-Procedure/Insurance-Plans/Margin-Protection-for-Corn-Rice-Soybeans-and-Wheat


Crop/States/Type Exchange Contract Margin
Projected
Price
Volatility
Factor
Corn - Grain Type
All Insured States
CBOT December
Corn
$5.06/bushel 0.22
Soybeans
All Insured States
CBOT
November
Soybeans
$12.56/bushel 0.18
Wheat
All Insured States
MGE September
HRS Wheat
$7.76/bushel 0.25

DISPOSAL DATE
December 31, 2022