09/21/05 2006 wheat revenue insurance prices

09/21/05 2006 wheat revenue insurance prices

Farm and Ranch September 21, 2005 USDA's Risk Management Agency announced Tuesday that the projected 2006 Crop Revenue Coverage or CRC, Base Price for all wheat in Washington, Oregon and Idaho is $4.13 a bushel. The projected price for all wheat under Income Projection is also $4.13 and the projected price for Revenue Assurance, available in Idaho only, is $3.50 a bushel. Dave Paul of the regional office of the Risk Management Agency believes that 4-13 is the highest price election for CRC since the program started and he explains what it would mean to a producer selecting that coverage. Paul: "For example if a producer had a 75 bushel average yield on their farm unit and they took 75% coverage the guarantee would be 56 bushels an acre times the $4.13 price for a revenue guarantee for the 2006 crop year of $232 per acre." Then next fall RMA will announce a harvest price. Paul: "And a producer would take their actual harvested bushels times that harvest time price and if it fell below the guaranteed revenue an indemnity payment would be paid." The sales closing date for wheat in the Pacific Northwest is next Friday, September 30th. I'm Bob Hoff and that's the Northwest Farm and Ranch Report on the Northwest Ag Information Network.
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