09/17/08 Base price announced for 2009 CRC and IP wheat

Farm and Ranch September 17, 2008 The base prices have been announced for wheat revenue insurance products for the Pacific Northwest by the Risk Management Agency. The Projected 2009 Crop Revenue Coverage Base Price and Income Protection Base Price is $8.98 a bushel for all wheat. The Projected Base Price for Revenue Assurance, which is available only in Idaho, is $8.58 for winter wheat. The RMA also recently announced an additional price election for 2009 wheat of $7.35 a bushel for the Actual Production History, yield-based wheat insurance plan. Dave Paul, Director of the regional office of the Risk Management Agency, says there is high participation by northwest wheat growers in the crop insurance program. Paul: "Probably averaging in the PNW about 70-75% of the wheat acres are insured up to 80% in most areas. And producers are buying at an average of 72-75% of their actual coverage. So high participation and producers are buying at fairly high coverage levels as well. It means the program is sound and it is in fitting the needs of growers if the are buying that type of coverage. The sales closing date for all wheat insurance coverage is September 30th. I'm Bob Hoff and that's the Northwest Farm and Ranch Report on the Northwest Ag Information Network.