Wednesday, September 7, 2011

Just in!

USDA Announces Harvest Prices for 2011 Crop Year

Small Grains and Canola Revenue Products

SPOKANE-- USDA’s Risk Management Agency (RMA) announced approved harvest prices for 2011 crop year for revenue protection plans of insurance within the Common Crop Insurance Policy for wheat, barley and fall canola and rapeseed in Alaska, Idaho, Oregon and Washington as applicable.

Harvest prices for spring canola and Alaska barley will be announced in early October.

CROP

TYPE

HARVEST PRICE

PROJECTED PRICE

Barley (Alaska)

Spring

TBD approx. 10/1/11

$5.65/bu.

Barley

Winter

$6.09/bu.

$3.91/bu.

Barley

Spring

$6.55/bu.

$5.93/bu.

Canola

Fall

$0.258/lb.

$0.183/lb.

Canola

Spring

TBD approx. 10/1/11

$0.263/lb.

Rapeseed

Fall

(set equal to Projected Price)

$0.208/lb.

Rapeseed

Spring

(set equal to Projected Price)

$0.299/lb.

Wheat

Winter

$6.92/bu.

$7.12/bu.

Wheat

Spring

$6.92/bu.

$9.11/bu.

Wheat (Alaska)

Spring

$8.90/bu.

$9.89/bu.

For producers who purchased a 2011 crop year Multi-Peril Crop Insurance (MPCI) Revenue Protection and Revenue Protection with Harvest Price Exclusion policies, the harvest price is used to determine the calculated revenue. The harvest price is multiplied by the appraised and/or harvested production to determine the calculated revenue. The calculated revenue is subtracted from the final revenue guarantee to determine possible indemnities (insurance losses).

Producers should contact their insurance agent to learn additional program details related to these price announcements.

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