09/10/07 RMA announces 2007 small grain harvest prices

Farm and Ranch September 10, 2007 USDA's Risk Management Agency has announced harvest prices for 2007 crop year revenue products for small grains. Dave Paul with the regional office of RMA says the harvest price for Crop Revenue Coverage wheat in the Pacific Northwest is $6.87 a bushel. Paul: "This was the most significant increase in wheat prices since CRC came about in the late 1990s. Last fall we provided a projected price under the Crop Revenue Coverage program of $4.87 a bushel, which is essentially the price used to establish the producers' minimum insurance guarantee. They would take their average yield times their coverage level times the $4.87 price to establish a minimum level of coverage. And if that price happens to go up during the insurance year, the producers' coverage also goes up commensurate with the increase in price." RMA says the harvest price for the Income Protection product is $6.91 for wheat and $2.76 for barley. For Revenue Assurance in Idaho, the harvest price for spring wheat is $6.61 a bushel; for winter wheat $5.94 and for feed barley $3.46 a bushel. Dave Paul says RMA hopes to announce the 2008 base or projected price for Crop Revenue Coverage Wheat either September 14th or 17th. I'm Bob Hoff and that's the Northwest Farm and Ranch Report on the Northwest Ag Information Network.