1.  

PRODUCT MANAGEMENT BULLETIN: PM–22-056

United States Department of Agriculture


Farm and Foreign Agricultural Services


Risk Management Agency


1400 Independence Avenue, SW
Stop 0801
Washington, DC  20250-0801

Date

September 15, 2022

To:

All Approved Insurance Providers
All Risk Management Agency Field Offices
All Other Interested Parties

From:

Richard H. Flournoy, Deputy Administrator /s/ Richard H. Flournoy    9/15/2022

Subject:

2022 Crop Year (CY) Common Crop Insurance Policy Harvest Prices; 2023 CY Common Crop Insurance Policy and Area Risk Protection Insurance Projected Prices and Volatility Factors; 2023 CY Malting Barley Endorsement Price Components; and 2023 CY Margin Protection Plan Projected Prices and Volatility Factors

Common Crop Insurance Policy 1

The 2022 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 and Mississippi
 CBOT December
Corn		 $6.58
per
bushel
Corn – Organic Practice
February 28 Sales Closing Date
Arkansas and Mississippi		 CBOT December
Corn		 $13.07
per
bushel
1 Harvest 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 2023 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 2023 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, and Virginia
 CBOT
 July
Corn
 $6.09
per
bushel		 0.23
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, and Virginia
 CBOT
 July
Corn
 $13.02
per
bushel
 0.23
Barley
September 30 Sales Closing Date
New York (Winter type), Pennsylvania (Winter type), and West Virginia 
 CBOT September
Corn		 $5.73
per
bushel		 0.25
Barley – Organic Practice
September 30 Sales Closing Date
New York (Winter type), Pennsylvania (Winter type), and West Virginia
 CBOT
 September
Corn
 $12.25
per
bushel		 0.25
Barley
September 30 Sales Closing Date
California (Winter types), Idaho (Winter types), Oregon (Winter types), and Washington (Winter types)
 CBOT
 September
Corn
 $5.73
per
bushel
 0.26
Barley – Organic Practice
September 30 Sales Closing Date
California (Winter types), Idaho (Winter types), Oregon (Winter types), and Washington (Winter types)
 CBOT September
Corn		 $12.25
per
bushel		 0.26
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), and Washington (Winter types without Winter Coverage Endorsement) 		CBOT
 September
Corn
 $5.73
per
bushel
 0.26
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), and Washington (Winter types without Winter Coverage Endorsement)
 CBOT
 September
Corn
 $12.25
per
bushel		 0.26
Canola – Canola Type
September 30 Sales Closing Date
Alabama and Georgia
 ICE
 July
Canola		 $0.290
per
pound		 0.26
Canola – Rapeseed Type
September 30 Sales Closing Date
Alabama and Georgia
 ICE
 July
Canola
 $0.378
per
pound
 0.00
Wheat
September 30 Sales Closing Date
Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, and Tennessee
 CBOT
 July
SRW Wheat		 $8.40
per
bushel		 0.31
Wheat – Organic Practice
September 30 Sales Closing Date
Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, and Tennessee
 CBOT
 July
SRW Wheat		 $16.73
per
bushel
 0.31
Wheat
September 30 Sales Closing Date
Delaware, Illinois, Indiana, Iowa (Winter), Maryland, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, Virginia, and West Virginia
 CBOT
 September
SRW Wheat
 $8.45
per
bushel		 0.31
Wheat – Organic Practice
September 30 Sales Closing Date
Delaware, Illinois, Indiana, Iowa (Winter), Maryland, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, Virginia, and West Virginia
 CBOT
 September
SRW Wheat
 $16.83
per
bushel
 0.31
Wheat
September 30 Sales Closing Date
Wisconsin (Winter)
 CBOT
 September
SRW Wheat		 $8.45
per
bushel		 0.33
Wheat – Organic Practice
September 30 Sales Closing Date
Wisconsin (Winter)
 CBOT
 September
SRW Wheat
 $16.83
per
bushel
 0.33
Wheat
September 30 Sales Closing Date
Kansas, New Mexico (Winter and Spring), Oklahoma, and Texas (Winter and Spring)
 KCBT
 July
HRW Wheat
 $8.79
per
bushel		 0.31
Wheat – Organic Practice
September 30 Sales Closing Date
Kansas, New Mexico (Winter and Spring), Oklahoma, and Texas (Winter and Spring)
 KCBT
 July
HRW Wheat
 $17.51
per
bushel		 0.31
Wheat
September 30 Sales Closing Date
Colorado (Winter), Nebraska (Winter), and South Dakota (Winter)
 KCBT
 September
HRW Wheat		 $8.77
per
bushel
 0.30
Wheat – Organic Practice
September 30 Sales Closing Date
Colorado (Winter), Nebraska (Winter), and South Dakota (Winter)		 KCBT
 September
HRW Wheat		 $17.47
per
bushel		 0.30
Wheat
September 30 Sales Closing Date
Montana (Winter) and Wyoming (Winter)
 KCBT
 September
HRW Wheat		 $8.77
per
bushel		 0.32
Wheat – Organic Practice
September 30 Sales Closing Date
Montana (Winter) and Wyoming (Winter)
 KCBT
 September
HRW Wheat		 $17.47
per
bushel		 0.32
Wheat
September 30 Sales Closing Date
California (Winter), Idaho (Winter), Oregon (Winter), and Washington (Winter)
 CBOT September
SRW Wheat
with AMS Adjustment2		 $9.58
per
bushel		 0.33
Wheat – Organic Practice
September 30 Sales Closing Date
California (Winter), Idaho (Winter), Oregon (Winter), and Washington (Winter)
 CBOT September
SRW Wheat
with AMS Adjustment2		 $19.08
per
bushel		 0.33
Wheat
September 30 Sales Closing Date
Idaho (Spring), Oregon (Spring)*, and Washington (Spring)
* The 2023 CY projected price for Klamath County, Oregon – Spring type will be derived at a later date, using a February 2023 projected price discovery period.
 MGE
 September
HRS Wheat
 $9.05
per
bushel
 0.27

Wheat – Organic Practice
September 30 Sales Closing Date
Idaho (Spring), Oregon (Spring)*, and Washington (Spring)
* The 2023 CY projected price for Klamath County, Oregon – Spring type will be derived at a later date, using a February 2023 projected price discovery period.

 MGE
 September
HRS Wheat
 $18.03
per
bushel		 0.27
Wheat
October 31 Sales Closing Date
Nevada (Winter) and Utah (Winter)
 CBOT
 September
SRW Wheat
with AMS Adjustment2		 $9.58
per
bushel		 0.33
Wheat – Organic Practice
October 31 Sales Closing Date
Nevada (Winter) and Utah (Winter)
 CBOT
 September
SRW Wheat
with AMS Adjustment2
 $19.08
per
bushel		 0.33
Wheat – Organic Practice
October 31 Sales Closing Date
Nevada (Spring) and Utah (Spring)
 MGE September
HRS Wheat		 $9.05
per
bushel		 0.27
Wheat – Organic Practice
October 31 Sales Closing Date
Nevada (Spring) and Utah (Spring)
 MGE
 September
HRS Wheat		 $18.03
per
bushel		 0.27

Wheat – Durum Type
September 30 Sales Closing Date
New Mexico

 MGE July
HRS Wheat		 $11.26
per
bushel		 0.23
Wheat – Durum Type – Organic Practice
September 30 Sales Closing Date
New Mexico
 MGE July
HRS Wheat		 $22.44
per
bushel		 0.23
1 Projected Prices are applicable for the Enhanced Coverage Option (ECO) and the Supplemental Coverage Option (SCO).
2 The USDA’s Agricultural Marketing Service (AMS) reports soft white wheat cash prices in its “Portland Daily Grain Bids” report.
         

Malting Barley Endorsement

The Malting Barley Endorsement (MBE) utilizes a Chicago Board of Trade (CBOT) soft red wheat price component to derive the 2023 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		 $8.45
per
bushel		 0.33
         

Margin Protection Plan

The following 2023 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/

Refer to 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		 $6.11
per
bushel		 0.26
Soybeans
All Insured States
 CBOT November
Soybeans		 $13.56
per
bushel		 0.21
Wheat
All Insured States
 MGE
 September
HRS Wheat		 $9.05
per
bushel		 0.27
         
DISPOSAL DATE
December 31, 2023
USDA is an Equal Opportunity Employer and Provider

   Office

  • Beacon Facility, Mail Stop 0801
    P.O. Box 419205
    Kansas City, MO 64141-6205