09/19/07 2008 wheat base price for CRC announced

Farm and Ranch September 19, 2007 USDA's Risk Management Agency has just announced the projected base price for 2008 crop wheat under Crop Revenue Coverage in the Pacific Northwest. Dave Paul of the regional RMA office tells us what it is. Paul: "This price was announced at $6.27 which is the highest CRC wheat price we have had in the history of the program. Bob, this price will be used by producers to establish their Crop Revenue Coverage insurance guarantees this fall. We'd like to remind producers that October 1st this year is the final date to establish their wheat insurance for 2008 crop year and this projected price is obviously important in making those decisions." Paul says RMA also recently announced the established or additional price election for 2008 wheat APH yield based insurance coverage at $4.90. Paul: "So producers will need to decide whether they want to purchase revenue protection with a base price of $6.27 or go with a straight yield protection policy with an established price of $4.90 per bushel for 2008." Again, October 1st is the sales closing date for all 2008 wheat. I'm Bob Hoff and that's the Northwest Farm and Ranch Report on the Northwest Ag Information Network.