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Fall planted crop sale closing dates quickly approachingKansas Rebecca Davis, Director of the Topeka Regional Office of the Risk Management Agency, announced Sept. 2 that many fall planted crop sales closing dates are quickly approaching. These dates are of increased importance this year, with the passage of the farm bill and the creation of the Farm Service Agency's Supplemental Revenue Assistance Program. Any producer that wants to be eligible for disaster assistance on 2009 summer crops must have crop insurance coverage on all fall planted 2008 crops before the sales closing deadline (those for our region are listed below). The new farm bill requires crop insurance on all acres of any insurable crop, or Noninsured Assistance Program coverage on all acres of uninsurable crops, in order to be eligible for SURE. If you fail to sign up for crop insurance on your fall 2008 planted crops, you will not be protected under SURE for your spring planted 2009 crops, even if you buy crop insurance for those crops. The level of crop insurance coverage you have will determine the amount of your SURE guarantee. See your crop insurance agent for details on the availability of crop insurance programs. A summary of select changes for the 2009 crop year are listed below: Price elections: --Multi Peril Crop Insurance: The initial established price election for yield based MPCI wheat coverage is set at $6.50 per bushel, barley is at $4.60 per bushel. Additional Prices (if applicable) will be announced on or about Sept. 15. These prices are used as the basis for compensation in the event of a loss under the traditional Actual Production History yield based program. --Revenue Coverage Plans (Crop Revenue Coverage and Revenue Assurance): Significant modifications in price change limits were made. The upward bound of the wheat harvest price will be 200 percent of the base price and there will be no limitation in downward movement of the harvest price. Use of a percentage price change limit for upside price movement and elimination of the price change limit for downside price movement will more accurately reflect changing markets and ensure consistency across different revenue insurance plans. The projected/base prices for the various revenue coverage plans will be released later in September for wheat and early March for barley. Wheat Transitional-yields (T-Yields): Wheat T-yields were updated throughout the region. T-Yields are important as they are used for: --Substitute yields if a producer has less than 4 years actual production history on a unit; --Yield Adjustments' where a producer has the option to replace low yields (in their database) due to insurable causes (60 percent of applicable T-Yield); --APH Yield Limitations' including: --10 percent cup for carryover insureds under certain scenarios --"Yield Floors" where the final APH yield is based on a percentage of the current applicable T- Yield dependent on the number of years for which the producer provides records. Regional Final Planting Date Reviews: This year's late spring prompted RMA to begin a review of final planting dates under the MPCI program. RMA began a formal final planting date review for small and coarse grain crops throughout the region to ensure dates effectively correlate with current cropping and planting conditions. Catastrophic Risk Protection: The Food, Conservation, and Energy Act of 2008 (farm bill) increased the basic CAT fee to $300 per crop per county. Previously, the administrative fee for CAT coverage was $100 per crop per county. Reminder of sales closing dates fast approaching: --Wheat and Barley: Sept. 30. Insurance coverage for crops where actuarial documents are not filed in a particular county (i.e. forage production, fall barley, etc.) is potentially available if a request for a "written agreement" is submitted through a producer's crop insurance agent by the sales closing date and certain qualification requirements are met. Small grain producers are encouraged to spend time between now and the applicable sales closing dates, working with their crop insurance agent to learn additional details of these and other changes for the 2009 crop year. Federal crop insurance program policies are sold and delivered solely through private crop insurance companies and agents. A list of crop insurance agents is available at all USDA Service Centers throughout the United States or on the RMA website at http://www3.rma.usda.gov/tools/agents/. 9/8/08 Date: 9/4/08
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