PRODUCT MANAGEMENT BULLETIN: PM–23-015
United States Department of Agriculture
Farm and Foreign Agricultural Services
Risk Management Agency
1400 Independence Avenue, SW
Stop 0801
Washington, DC 20250-0801
Date
March 02, 2023
To:
All Approved Insurance Providers
All Risk Management Agency Field Offices
All Other Interested Parties
All Risk Management Agency Field Offices
All Other Interested Parties
From:
Richard H. Flournoy, Deputy Administrator /s/ Richard H. Flournoy 3/2/2023
Subject:
2023 Crop Year (CY) Dry Bean and Dry Pea Projected Prices, Volatility Factors, and Additional Projected Prices for the March 15, 2023, Sales Closing Date (SCD)
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The Risk Management Agency (RMA) approved the 2023 CY projected prices shown below for the following plans of insurance: Yield Protection, Revenue Protection, and Revenue Protection with Harvest Price Exclusion. RMA approved 2023 CY volatility factors shown below for the Revenue Protection and Revenue Protection with Harvest Price Exclusion plans of insurance. The projected prices and volatility factors are applicable for the states, crops, and types indicated in the subsequent tables. Projected Prices and Volatility Factors apply to Supplemental Coverage Option (SCO) and Enhanced Coverage Option (ECO), as appropriate.
As authorized by the Special Provisions, RMA is also providing additional projected prices for selected dry bean and dry pea types where the Dry Bean Revenue Endorsement and the Dry Pea Revenue Endorsement do not offer coverage for price movement. Per the Special Provisions, the additional projected price shall be the basis for the premium determination and settlement of claims.
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Dry Beans
Colorado, Nebraska, and WyomingType and Organic Practice
(not all types may be insurable in all states)
Projected Price
($ / pound)Volatility Factor
CAT Price
(Yield Protection Only)
($ / pound)Pinto
$0.40 0.16 $0.2200 Pinto Organic* $0.80 N/A $0.4400 *Premium Organic projected prices are only offered for the yield-based plans of insurance
Dry Beans
MichiganType and Organic Practice
(not all types may be insurable in all states)
Projected Price
($ / pound)Volatility Factor
CAT Price
(Yield Protection Only)
($ / pound)Black
$0.40 0.16 $0.2200 Black Organic*
$0.80 N/A $0.4400 Pea
$0.40 0.16 $0.2200 Pea Organic*
$0.80 N/A $0.4400 Small Red
$0.44 0.16 $0.2420 Small Red Organic*
$0.88 N/A $0.4840 *Premium Organic projected prices are only offered for the yield-based plans of insurance
Dry Beans
Minnesota and North DakotaType and Organic Practice
(not all types may be insurable in all states)
Projected Price
($ / pound)Volatility Factor
CAT Price
(Yield Protection Only)
($ / pound)Black
$0.39 0.16 $0.2145 Black Organic*
$0.78 N/A
$0.4290 Dark Red Kidney
$0.41 0.16 $0.2255 Dark Red Kidney Organic*
$0.82 N/A
$0.4510 Pea
$0.39 0.16 $0.2145 Pea Organic*
$0.78 N/A
$0.4290 Pinto
$0.38 0.16 $0.2090 Pinto Organic*
$0.76 N/A
$0.4180 *Premium Organic projected prices are only offered for the yield-based plans of insurance
Dry Beans
Colorado, Nebraska, and WyomingType and Organic Practice
(not all types may be insurable in all states)
Additional
Projected Price
($ / pound)11/30/2022
Projected Price
($ / pound)Updated CAT Price
(Yield Protection Only)
($ / pound)Black
$0.40 $0.37 $0.2200 Black Organic
$0.80 $0.74 $0.4400 Great Northern
$0.41 $0.33 $0.2255 Great Northern Organic $0.82 $0.66 $0.4510 Pea $0.40 $0.39
$0.2200 Pea Organic
$0.80 $0.78 $0.4400 Pink
$0.42 $0.38 $0.2310 Pink Organic
$0.84 $0.76 $0.4620 Flat Small White $0.40 $0.39 $0.2200 Flat Small White Organic $0.80 $0.78 $0.4400 Small Red $0.44 $0.40 $0.2420 Small Red Organic $0.88 $0.80 $0.4840 Small White $0.40 $0.39 $0.2200 Small White Organic $0.80 $0.78 $0.4400 Dry Beans
MichiganType and Organic Practice
(not all types may be insurable in all states)
Additional
Projected Price
($ / pound)11/30/2022
Projected Price
($ / pound)Updated CAT Price
(Yield Protection Only)
($ / pound)Great Northern
$0.41 $0.33 $0.2255 Great Northern Organic $0.82 $0.66 $0.4510 Pink $0.42 $0.38 $0.2310 Pink Organic $0.84 $0.76 $0.4620 Pinto $0.40 $0.35 $0.2200 Pinto Organic $0.80 $0.70 $0.4400 Small White $0.40 $0.39 $0.2200 Small White Organic $0.80 $0.78 $0.4400 Adzuki $0.44 $0.40 $0.2420 Adzuki Organic $0.88 $0.80 $0.4840 Tebo $0.41 $0.33 $0.2255 Tebo Organic $0.82 $0.66 $0.4510 Dry Beans
Minnesota and North DakotaType and Organic Practice
(not all types may be insurable in all states)
Additional
Projected Price
($ / pound)11/30/2022
Projected Price
($ / pound)Updated CAT Price
(Yield Protection Only)
($ / pound)Great Northern $0.35 $0.33
$0.1925
Great Northern Organic
$0.70
$0.66
$0.3850 Pink $0.39
$0.38
$0.2145 Pink Organic $0.78
$0.76
$0.4290 Tebo $0.35
$0.33
$0.1925 Tebo Organic $0.70
$0.66
$0.3850 Dry Pea (Spring Types)
Montana, North Dakota, and South DakotaType and Organic Practice*
(not all types may be insurable in all states)
Projected Price
($ / pound)Volatility Factor CAT Price
(Yield Protection Only)
($ / pound)Smooth Green/Yellow
$0.13 0.18 $0.0715 Smooth Green/Yellow Organic* $0.21 N/A $0.1155 Lentils
$0.28 0.18
$0.1540 Lentils Organic*
$0.32 N/A
$0.1760 Small Kabuli Chickpeas
$0.30 0.18
$0.1650 Small Kabuli Chickpeas Organic*
$0.33 N/A
$0.1815 Large Kabuli Chickpeas
$0.34
0.18
$0.1870 Large Kabuli Chickpeas Organic*
$0.40 N/A
$0.2200 *Premium Organic projected prices are only offered for the yield-based plans of insurance
Dry Pea (Spring Types)
Idaho and WashingtonType and Organic Practice*
(not all types may be insurable in all states)
Projected Price
($ / pound)Volatility Factor CAT Price
(Yield Protection Only)
($ / pound)Smooth Green/Yellow
$0.17 0.18 $0.0935 Smooth Green/Yellow Organic*
$0.23 N/A $0.1265 Lentils
$0.40 0.18
$0.2200 Lentils Organic*
$0.40 N/A
$0.2200 Small Kabuli Chickpeas
$0.29 0.18
$0.1595 Small Kabuli Chickpeas Organic*
$0.33 N/A
$0.1815 Large Kabuli Chickpeas
$0.40
0.18
$0.2200 Large Kabuli Chickpeas Organic*
$0.40
N/A
$0.2200 *Premium Organic projected prices are only offered for the yield-based plans of insurance
DISPOSAL DATEDry Pea (Spring Types)
Montana, North Dakota, and South DakotaType and Organic Practice
(not all types may be insurable in all states)
Additional
Projected Price
($ / pound)11/30/2022
Projected Price
($ / pound)Updated CAT Price
(Yield Protection Only)
($ / pound)Austrian and Forage Peas
$0.30 $0.20 $0.1650 Austrian and Forage Peas Organic
$0.45 $0.30 $0.2475 Desi Chickpeas
$0.25 $0.18 $0.1375 Desi Chickpeas Organic $0.50 $0.36 $0.2750 Marrowfat Peas
$0.22 $0.15 $0.1210 Marrowfat Pea Organic
$0.33 $0.22 $0.1815 Fava Beans $0.21 $0.13 $0.1155 Fava Beans Organic $0.21 $0.13 $0.1155
January 31, 2024