PRODUCT MANAGEMENT BULLETIN: PM–22-015
United States Department of Agriculture
Farm and Foreign Agricultural Services
Risk Management Agency
1400 Independence Avenue, SW
Stop 0801
Washington, DC 20250-0801
Date
To:
All Risk Management Agency Field Offices
All Other Interested Parties
From:
Subject:
-
Common Crop Insurance Policy & Area Risk Protection Insurance 1, 2, 3, 4
The 2022 CY projected prices shown below are approved for the following plans of insurance: Yield Protection, Area Yield Protection, Revenue Protection, Area Revenue Protection, Revenue Protection with Harvest Price Exclusion, and Area Revenue Protection with the Harvest Price Exclusion. The 2022 CY volatility factors shown below are approved for the following plans of insurance: Revenue Protection, Area Revenue Protection, Revenue Protection with Harvest Price Exclusion, and Area Revenue Protection with the Harvest Price Exclusion. The projected prices and volatility factors apply to policies with a February 28 sales closing date, unless otherwise indicated, and are applicable for the crops, types, practices, and states indicated below:
Crop/Type/Practice/State Exchange Contract Projected Price Volatility Factor Corn
Alabama, Florida, Georgia, Louisiana & South Carolina
CBOT September
Corn$5.87/bushel
0.22
Corn - Organic Practice
Alabama, Florida, Georgia, Louisiana & South Carolina
CBOT
September
Corn$11.66/bushel
0.22
Corn
Arkansas & Mississippi
CBOT
December
Corn$5.75/bushel
0.20
Corn - Organic Practice
Arkansas & Mississippi
CBOT
December
Corn$11.42/bushel
0.20
Corn
North Carolina
CBOT
December
Corn$5.75/bushel
0.21 Corn - Organic Practice
North Carolina
CBOT
December
Corn$11.42/bushel
0.21
Corn
Arizona, California & Nevada
CBOT
December
Corn$5.75/bushel
0.23
Corn - Organic Practice
Arizona, California & Nevada
CBOT
December
Corn$11.42/bushel
0.23
Cotton
All States
ICE
December
Cotton$1.02/pound
0.22
Cotton – Organic Practice
All States
ICE
December
Cotton
$1.42/pound
0.22
Grain Sorghum
Alabama, Florida, Georgia & South Carolina
CBOT December
Corn$5.73/bushel 0.20 Grain Sorghum – Organic Practice
Alabama, Florida, Georgia & South Carolina
CBOT December
Corn$11.97/bushel
0.20
Grain Sorghum
Arkansas, Louisiana & Mississippi
CBOT
December
Corn
$5.73/bushel 0.21
Grain Sorghum – Organic Practice
Arkansas, Louisiana & Mississippi
CBOT
December
Corn
$5.73/bushel
0.21
Grain Sorghum
Arizona, California & North Carolina
CBOT
December
Corn
$5.73/bushel
0.23
Grain Sorghum – Organic Practice
Arizona, California & North Carolina
CBOT
December
Corn
$11.97/bushel
0.23
Peanuts – Runner Type
Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, North Carolina,
South Carolina & Texas
CBOT/
ICE
December
Wheat, Cotton, Soybean Oil & Soybean Meal
$0.2404/pound
0.18
Peanuts – Runner Type
Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Missouri, North Carolina, South Carolina & Texas
CBOT/
ICE
December
Wheat, Cotton, Soybean Oil & Soybean Meal
$0.4375/pound
0.18
Peanuts – Virginia Type
Alabama, Florida, Georgia, Mississippi, North Carolina & South Carolina
CBOT/
ICE
December
Wheat, Cotton, Soybean Oil & Soybean Meal
$0.2669/pound
0.18
Popcorn
March 15 Sales Closing Date
Alabama
CBOT
September
Corn
$0.2524/pound
0.22
Popcorn – Organic Practice
March 15 Sales Closing Date
Alabama
CBOT
September
Corn
$0.3634/pound
0.22
Rice – Long Grain Type
Louisiana
CBOT
September
Rice
$0.145/pound
0.09
Rice – Long Grain Type; Organic Practice
Louisiana
CBOT
September
Rice
$0.194/pound
0.09
Rice – Medium/Short Grain Types
Louisiana
CBOT
September
Rice
$0.204/pound
0.09
Rice – Medium/Short Grain Types; Organic Practice
Louisiana
CBOT
September
Rice
$0.274/pound
0.09
Rice – Long Grain Type
Arkansas, Mississippi & TexasCBOT
September4
Rice
$0.145/pound4
0.10
Rice – Long Grain Type; Organic Practice
Arkansas, Mississippi & Texas
CBOT
September4
Rice
$0.194/pound4
0.10 Rice – Medium/Short Grain Types
Arkansas, Mississippi & Texas
CBOT
September4
Rice
$0.204/pound4
0.10 Rice – Medium/Short Grain Types; Organic Practice
Arkansas, Mississippi & Texas
CBOT
September4
Rice
$0.274/pound4
0.10 Rice – Long Grain Type
California, Oklahoma & Tennessee
CBOT
September4
Rice
$0.145/pound4
0.11 Rice – Long Grain Type; Organic Practice
California, Oklahoma & Tennessee
CBOT
September4
Rice
$0.194/pound4
0.11 Rice – Medium/Short Grain Types
California
CBOT
September4
Rice
$0.255/pound4
0.11 Rice – Medium/Short Grain Types; Organic Practice
California
CBOT
September4
Rice
$0.342/pound4
0.11 Rice – Medium/Short Grain Types
Oklahoma & Tennessee
CBOT
September4
Rice
$0.204/pound4
0.11 Rice – Medium/Short Grain Types; Organic Practice
Oklahoma & Tennessee
CBOT
September4
Rice
$0.274/pound4
0.11 Soybeans
Arkansas, Louisiana, Mississippi & Texas
CBOT
November
Soybeans
$13.69/bushel
0.20
Soybeans - Organic Practice
Arkansas, Louisiana, Mississippi & Texas
CBOT
November
Soybeans
$26.19/bushel
0.20
Soybeans
Alabama, Florida, Georgia, North Carolina & South Carolina
CBOT
January
(2023)
Soybeans
$13.68/bushel
0.19
Soybeans - Organic Practice
Alabama, Florida, Georgia, North Carolina & South Carolina
CBOT
January
(2023)
Soybeans
$26.17/bushel
0.19
1 Projected Prices and Volatility Factors are applicable for the Enhanced Coverage Option (ECO) and the Supplemental Coverage Option (SCO), where available.
2 Projected Prices and Volatility Factors are applicable for Stacked Income Protection (STAX - cotton only), where available.
3 The long grain projected price (conventional practice) is used as the price election under the terms of the Hybrid Seed Rice Crop Provisions.
4 In accordance with the Commodity Exchange Price Provisions (CEPP), the CBOT September rice contract is used to derive the projected rice prices since the November contract lacks sufficient volume and open interest activity.
Margin Protection
The following 2022 CY margin projected prices and volatility factors are approved for the Margin Protection plan. The margin projected price is used in conjunction with projected input prices and the expected county yield to derive the expected margin (per acre), trigger margin (per acre) and liability. The expected margins for each crop/county are available at the following web page on RMA’s public website: webapp.rma.usda.gov/apps/actuarialinformationbrowser/
Please see the following web page on RMA’s public website for program details: www.rma.usda.gov/Policy-and-Procedure/Insurance-Plans/Margin-Protection-for-Corn-Rice-Soybeans-and-Wheat
DISPOSAL DATECrop/Type Exchange Contract Margin Projected Price Volatility Factor Rice – Long Grain Type & No Type Specified
Louisiana
CBOT September
Rice$0.145/pound 0.09 Rice – Medium & Short Grain Types
Louisiana
CBOT
September
Rice
$0.204/pound
0.09 Rice – Long Grain Type & No Type Specified
Arkansas, Mississippi & Texas
CBOT
September5
Rice$0.145/pound5
0.10 Rice – Medium & Short Grain Types
Arkansas, Mississippi & Texas
CBOT
September5
Rice
$0.204/pound5 0.10 Rice – Long Grain Type & No Type Specified
California & Missouri
CBOT
September5
Rice
$0.145/pound5 0.11 Rice – Medium & Short Grain Types
California
CBOT
September5
Rice
$0.255/pound5 0.11 Rice – Medium & Short Grain Types
Missouri
CBOT
September5
Rice
$0.204/pound5
0.11 5 In accordance with the Margin Price Provisions, the CBOT September rice contract is used to derive the projected rice prices since the November contract lacks sufficient volume and open interest activity.
December 31, 2022