09/26/08 Wheat insurance coverage

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 of the Risk Management Agency says there's high participation by Northwest wheat growers who have plenty of decisions to make. PAUL "A lot of options, the ability to lock in revenue type of coverage at a high price and even lock in a yield based coverage at a pretty significant price but with those options there's costs associated with those and so on so go forward and understand all the different options, talk to their insurance agent about the unit structures and how they might want to establish next year's wheat insurance." The closing date for all wheat insurance coverage is September 30th. Voice of Idaho Agriculture Bill Scott