1.  

PRODUCT MANAGEMENT BULLETIN: PM–23-009

United States Department of Agriculture


Farm and Foreign Agricultural Services


Risk Management Agency


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

Date

February 15, 2023

To:

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

From:

Richard H. Flournoy, Deputy Administrator /s/ John W. Underwood for Deputy Administrator    2/15/2023

Subject:

2023 Crop Year (CY) Common Crop Insurance Policy, Area Risk Protection Insurance, and Margin Protection Projected Prices and Volatility Factors

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 with the 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 with the Harvest Price Exclusion. The projected prices and volatility factors apply to policies with a February 28 sales closing date, unless otherwise indicated, and are applicable for the crops, types, practices, and states indicated below:

Crop/Type/Practice/State
 Exchange Contract Projected Price Volatility Factor
Corn
Alabama, Florida, Georgia, Louisiana, and South Carolina
 CBOT September
Corn		 $6.09
per
bushel		 0.17
Corn - Organic Practice
Alabama, Florida, Georgia, Louisiana, and South Carolina
 CBOT
 September
Corn
 $11.44
per
bushel		 0.17
Corn
Arkansas and Mississippi
 CBOT
 December
Corn		 $5.94
per
bushel		 0.17
Corn - Organic Practice
Arkansas and Mississippi
 CBOT
 December
Corn		 $11.16
per
bushel		 0.17
Corn
North Carolina
 CBOT
 December
Corn
 $5.94
per
bushel		 0.17
Corn - Organic Practice
North Carolina
 CBOT
 December
Corn
 $11.16
per
bushel		 0.17
Corn
Arizona, California, and Nevada
 CBOT
 December
Corn
 $5.94
per
bushel		 0.19
Corn - Organic Practice
Arizona, California, and Nevada
 CBOT
 December
Corn
 $11.16
per
bushel		 0.19
Cotton 2
All States
 ICE December
Cotton		 $0.85
per
pound		 0.23
Cotton - Organic Practice 2
All States
 ICE
 December
Cotton
 $1.37
per
pound		 0.23
Grain Sorghum
Alabama, Florida, Georgia, and South Carolina
 CBOT
 December
Corn
 $5.87
per
bushel
 0.16
Grain Sorghum - Organic Practice
Alabama, Florida, Georgia, and South Carolina
 CBOT
 December
Corn
 $12.28
per
bushel		 0.16
Grain Sorghum
Arkansas, Louisiana, and Mississippi
 CBOT
 December
Corn
 $5.87
per
bushel		 0.17
Grain Sorghum - Organic Practice
Arkansas, Louisiana, and Mississippi
 CBOT
 December
Corn
 $12.28
per
bushel		 0.17
Grain Sorghum
Arizona, California, and North Carolina
 CBOT
 December
Corn
 $5.87
per
bushel		 0.19
Grain Sorghum - Organic Practice
Arizona, California, and North Carolina
 CBOT
 December
Corn
 $12.28
per
bushel		 0.19
Peanuts - Runner Type
Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, and Texas
 CBOT/
ICE
 December
Wheat, Cotton, Soybean Oil, and Soybean Meal		 $0.2677
per
pound		 0.16
Peanuts - Spanish Type
Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, and Texas
 CBOT/
ICE
 December
Wheat, Cotton, Soybean Oil, and Soybean Meal		 $0.4791
per
pound		 0.16
Peanuts - Virginia Type
Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina
 CBOT/
ICE		 December
Wheat, Cotton, Soybean Oil, and Soybean Meal		 $0.2971
per
pound		 0.16
Popcorn
March 15 Sales Closing Date
Alabama
 CBOT
 September
Corn		 $0.2619
per
pound		 0.17
Popcorn - Organic Practice
March 15 Sales Closing Date
Alabama
 CBOT
 September
Corn		 $0.3770
per
pound		 0.17
Rice - Long Grain Type 3
Louisiana
 CBOT
 September
Rice		 $0.169
per
pound		 0.10
Rice - Long Grain Type; Organic Practice
Louisiana
 CBOT
 September
Rice		 $0.226
per
pound		 0.10
Rice - Medium/Short Grain Types
Louisiana
 CBOT
 September
Rice		 $0.255
per
pound		 0.10
Rice - Medium/Short Grain Types; Organic Practice
Louisiana
 CBOT
 September
Rice		 $0.343
per
pound		 0.10
Rice - Long Grain Type 3
Arkansas, Mississippi, and Texas
 CBOT
 November
Rice		 $0.169
per
pound		 0.11
Rice - Long Grain Type; Organic Practice
Arkansas, Mississippi, and Texas
 CBOT
 November
Rice		 $0.226
per
pound
 0.11
Rice - Medium/Short Grain Types
Arkansas, Mississippi, and Texas
 CBOT
 November
Rice		 $0.255
per
pound		 0.11
Rice - Medium/Short Grain Types; Organic Practice
Arkansas, Mississippi, and Texas
 CBOT
 November
Rice		 $0.343
per
pound		 0.11
Rice - Long Grain Type
California, Oklahoma, and Tennessee
 CBOT
 November
Rice		 $0.169
per
pound		 0.11
Rice - Long Grain Type; Organic Practice
California, Oklahoma, and Tennessee
 CBOT
 November
Rice
 $0.226
per
pound		 0.11
Rice - Medium/Short Grain Types
California
 CBOT
 November
Rice
 $0.330
per
pound		 0.11
Rice - Medium/Short Grain Types; Organic Practice
California
 CBOT
 November
Rice
 $0.441
per
pound		 0.11
Rice - Medium/Short Grain Types
Oklahoma and Tennessee
 CBOT
 November
Rice
 $0.255
per
pound		 0.11
Rice - Medium/Short Grain Types; Organic Practice
Oklahoma and Tennessee
 CBOT
 November
Rice
 $0.343
per
pound		 0.11
Soybeans
Arkansas, Louisiana, Mississippi, and Texas
 CBOT
 November
Soybeans
 $13.65
per
bushel		 0.14
Soybeans - Organic Practice
Arkansas, Louisiana, Mississippi, and Texas
 CBOT
 November
Soybeans
 $28.06
per
bushel		 0.14
Soybeans
Alabama, Florida, Georgia, North Carolina, and South Carolina
 CBOT
 January (2024)
Soybeans		 $13.69
per
bushel		 0.14
Soybeans - Organic Practice
Alabama, Florida, Georgia, North Carolina, and South Carolina
 CBOT
 January (2024)
Soybeans
 $28.15
per
bushel		 0.14

1 Projected Prices and Volatility Factors are applicable for the Enhanced Coverage Option (ECO) and the Supplemental Coverage Option (SCO), where available.
2 Projected Prices and Volatility Factors are applicable for Stacked Income Protection (STAX - cotton only), where available.
3 The long grain type projected price (conventional practice) is used as the price election under the terms of the Hybrid Seed Rice Crop Provisions.
         

Margin Protection

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: webapp.rma.usda.gov/apps/actuarialinformationbrowser/.

Please see the following for program details: www.rma.usda.gov/Policy-and-Procedure/Insurance-Plans/Margin-Protection-for-Corn-Rice-Soybeans-and-Wheat

Crop/Type Exchange Contract Margin Projected Price Volatility Factor
Rice - Long Grain Type
and No Type Specified
Louisiana
 CBOT September
Rice		 $0.169
per
pound		 0.10
Rice - Medium/Short Grain Types
Louisiana
 CBOT September
Rice		 $0.255
per
pound		 0.10
Rice - Long Grain Type
and No Type Specified
Arkansas, Mississippi, and Texas
 CBOT November
Rice		 $0.169
per
pound		 0.11
Rice - Medium/Short Grain Types
Arkansas, Mississippi, and Texas
 CBOT November
Rice		 $0.255
per
pound		 0.11
Rice - Long Grain Type
and No Type Specified
California and Missouri
 CBOT November
Rice		 $0.169
per
pound		 0.11
Rice - Medium/Short Grain Types
California
 CBOT November
Rice		 $0.330
per
pound		 0.11
Rice - Medium/Short Grain Types
Missouri
 CBOT November
Rice		 $0.255
per
pound		 0.11
         

DISPOSAL DATE
December 31, 2023

USDA is an Equal Opportunity Employer and Provider

  Risk Management Agency Office

  • 1400 Independence Ave. SW
    Washington, DC 20250