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The first of its kind: A biotech yield endorsement from FCICTechnology continues to improve in agriculture and there may be another way technology can help pay off for farmers. Last fall the Federal Crop Insurance Corporation Board of Directors approved a Biotech Yield Endorsement pilot program. The program will offer crop insurance premium reductions for farmers that plant corn with specific triple-stacked genetics. Ray L. Wulf, President and CEO of American Farmers and Ranchers stated, "this pilot program is of great interest to us because the pilot program covers states that we have recently expanded into. Furthermore it has the potential to benefit farmers in all 24 states where we have a presence." The pilot program area includes all counties in Illinois, Indiana, Iowa and Minnesota. The Monsanto Company and Western Agricultural Insurance Company were co-submitters of the pilot BYE program. Monsanto has demonstrated that its specific triple-stack genetic traits, when used in combination, provide lower yield risk as compared to non-traited hybrids. Currently Monsanto is the only seed organization to have made a submission for the pilot program. However, over 250 companies currently license Monsanto's triple-stack technology. Any approved insurance provider can provide, or partner with a private entity to provide a submission for the premium rate reduction to receive consideration by the FCIC Board. Farmers in the pilot area have a choice to plant any variety of corn, and the new program will not impact current premium rates, rather only decrease premiums for those that purchase and plant corn with the triple-stack genetics that lower overall risk. "With the new seed technology that we are seeing in agriculture it makes sense to evaluate how the technology decreases risk and furthermore evaluate the benefits farmers can receive through decreased crop insurance premiums," said Wulf. The premium reductions are expected to be around 20 percent for those that purchase coverage levels of 70 to 75 percent. Wulf finalized his comments by saying, "with the ever increasing costs of production farmers need all the help they can get." For more information on the BYE pilot program you can visit http://www.rma.usda.gov/help/faq/bye.html. 4/14/08 Date: 4/8/08
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