1.  

PRODUCT MANAGEMENT BULLETIN: PM–23-014

United States Department of Agriculture


Farm and Foreign Agricultural Services


Risk Management Agency


1400 Independence Avenue, SW
Stop 0801
Washington, DC  20250-0801

Date

March 01, 2023

To:

All Approved Insurance Providers
All Risk Management Agency Field Offices
All Other Interested Parties

From:

Richard H. Flournoy, Deputy Administrator /s/ Richard H. Flournoy    3/1/2023

Subject:

2023 Crop Year (CY) Common Crop Insurance Policy and Area Risk Protection Insurance Projected Prices and Volatility Factors; Malting Barley Endorsement Projected Price Component and Volatility Factor; and Hybrid Seed Price Endorsement - Hybrid Seed Corn Prices

Common Crop Insurance Policy & Area Risk Protection Insurance 1

The Risk Management Agency (RMA) approved the 2023 CY projected prices shown below 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. RMA approved the 2023 CY volatility factors shown below 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 March 15 sales closing date, unless otherwise indicated, and apply for the crops, practices, types, and states indicated below:


Crop/Practice/Type/State
 Exchange Contract Projected Price Volatility Factor
Barley
Kansas (Spring type)
 CBOT July
Corn		 $6.08
per
bushel		 0.12
Barley - Organic Practice
Kansas (Spring type)
 CBOT July
Corn
 $12.98
per
bushel		 0.12
Barley
Iowa, Nebraska, New York (Spring type), and Pennsylvania (Spring type)
 CBOT September
Corn		 $5.59
per
bushel		 0.15
Barley - Organic Practice
Iowa, Nebraska, New York (Spring type), and Pennsylvania (Spring type)
 CBOT
 September
Corn		 $11.94
per
bushel		 0.15
Barley
California (Spring types), Colorado (Spring types), Idaho (Spring types), Maine, Michigan, Minnesota, Montana, Nevada, North Dakota, Oregon (Spring types), South Dakota, Utah, Vermont, Washington (Spring types), Wisconsin, and Wyoming
 CBOT September
Corn
 $5.59
per
bushel		 0.17
Barley - Organic Practice
California (Spring types), Colorado (Spring types), Idaho (Spring types), Maine, Michigan, Minnesota, Montana, Nevada, North Dakota, Oregon (Spring types), South Dakota, Utah, Vermont, Washington (Spring types), Wisconsin, and Wyoming
 CBOT
 September
Corn		 $11.94
per
bushel		 0.17
Barley
Alaska
 CBOT December
Corn		 $7.02
per
bushel		 0.17
Barley - Organic Practice
Alaska
 CBOT December
Corn		 $15.01
per
bushel		 0.17
Barley
(March 15 Sales Closing Date, Winter Types without Winter Coverage Endorsement)
California, Idaho, Oregon, and Washington (previously released 9/15/2022)
 CBOT September
Corn		 $5.73
per
bushel		 0.26
Barley - Organic Practice
(March 15 Sales Closing Date, Winter Types without Winter Coverage Endorsement)
California, Idaho, Oregon, and Washington (previously released 9/15/2022)
 CBOT September
Corn		 $12.25
per
bushel		 0.26
Barley
(September 30 Sales Closing Date, Spring Type)
Kansas
 CBOT July
Corn		 $6.08
per
bushel		 0.12
Barley - Organic Practice
(September 30 Sales Closing Date, Spring Type)
Kansas
 CBOT July
Corn		 $12.98
per
bushel		 0.12
Barley
(September 30 Sales Closing Date, Spring Types)
New York and Pennsylvania
 CBOT September
Corn		 $5.59
per
bushel		 0.15
Barley - Organic Practice
(September 30 Sales Closing Date, Spring Types)
New York and Pennsylvania
 CBOT September
Corn		 $11.94
per
bushel		 0.15
Barley
(September 30 Sales Closing Date, Spring Types)
California, Colorado, Idaho, Oregon, and Washington
 CBOT September
Corn		 $5.59
per
bushel		 0.17
Barley - Organic Practice
(September 30 Sales Closing Date, Spring Types)
California, Colorado, Idaho, Oregon, and Washington
 CBOT September
Corn		 $11.94
per
bushel		 0.17
Barley
(October 31 Sales Closing Date, Spring Types)
Nevada and Utah
 CBOT September
Corn		 $5.59
per
bushel		 0.17
Barley - Organic Practice
(October 31 Sales Closing Date, Spring Types)
Nevada and Utah
 CBOT September
Corn		 $11.94
per
bushel		 0.17
Canola
All States
 ICE November
Canola		 $0.272
per
pound		 0.15
Canola - Rapeseed Type
All States
 ICE November
Canola		 $0.376
per
pound		 0.00
Canola
(August 31 Sales Closing Date, Spring Type(s))
Idaho, Oregon, and Washington
 ICE November
Canola		 $0.272
per
pound		 0.15
Canola - Rapeseed Type
(August 31 Sales Closing Date, Spring Type(s))
Idaho, Oregon, and Washington
 ICE November
Canola		 $0.376
per
pound		 0.00
Corn
Oklahoma and Texas
 CBOT December
Corn		 $5.91
per
bushel		 0.17
Corn - Organic Practice
Oklahoma and Texas
 CBOT December
Corn		 $11.10
per
bushel		 0.17
Corn
Colorado, Connecticut, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Pennsylvania, Rhode Island, South Dakota, Tennessee, Utah, Vermont, Virginia, West Virginia, Wisconsin, and Wyoming
 CBOT December
Corn		 $5.91
per
bushel		 0.18
Corn - Organic Practice
Colorado, Connecticut, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Pennsylvania, Rhode Island, South Dakota, Tennessee, Utah, Vermont, Virginia, West Virginia, Wisconsin, and Wyoming
 CBOT December
Corn		 $11.10
per
bushel		 0.18
Corn
Idaho, Michigan, Oregon, and Washington
 CBOT December
Corn		 $5.91
per
bushel		 0.19
Corn - Organic Practice
Idaho, Michigan, Oregon, and Washington
 CBOT December
Corn		 $11.10
per
bushel		 0.19
Corn - High Amylose Type
Illinois, Indiana, Iowa, Kansas, Missouri, Nebraska, and South Dakota
 CBOT December
Corn		 $8.27
per
bushel		 0.18
Cotton 2
Missouri, Tennessee, Texas, and Virginia
 ICE December
Cotton		 $0.84
per
pound		 0.22
Cotton - Organic Practice 2
Missouri, Tennessee, Texas, and Virginia
 ICE December
Cotton		 $1.36
per
pound		 0.22
Cotton 2
Kansas, New Mexico, and Oklahoma
 ICE December
Cotton		 $0.84
per
pound		 0.23
Cotton - Organic Practice 2
Kansas, New Mexico, and Oklahoma
 ICE December
Cotton		 $1.36
per
pound		 0.23
Grain Sorghum
Texas
 CBOT December
Corn		 $5.84
per
bushel		 0.17
Grain Sorghum - Organic Practice
Texas
 CBOT December
Corn		 $12.22
per
bushel		 0.17
Grain Sorghum
All States, except Texas
 CBOT December
Corn		 $5.84
per
bushel
 0.18
Grain Sorghum - Organic Practice
All States, except Texas
 CBOT December
Corn		 $12.22
per
bushel		 0.18
Oats
Virginia (Spring type)
 CBOT September
SRW
Wheat		 $4.28
per
bushel		 0.17
Oats - Organic Practice
Virginia (Spring type)
 CBOT September
SRW
Wheat		 $8.14
per
bushel		 0.17
Oats
Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming
 CBOT September
SRW
Wheat		 $4.28
per
bushel		 0.21
Oats - Organic Practice
Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, Nevada, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming
 CBOT September
SRW
Wheat		 $8.14
per
bushel		 0.21
Oats
Alaska
 CBOT December
SRW
Wheat		 $5.60
per
bushel		 0.21
Oats - Organic Practice
Alaska
 CBOT December
SRW
Wheat		 $10.64
per
bushel		 0.21
Oats
California (Spring type) and Maine
 CBOT December
SRW
Wheat		 $4.36
per
bushel		 0.21
Oats - Organic Practice
California (Spring type) and Maine
 CBOT December
SRW
Wheat		 $8.28
per
bushel		 0.21
Peanuts - Runner Type
New Mexico, Oklahoma, Texas, and Virginia
 CBOT/
ICE		 December Wheat, Cotton, Soybean Oil, and Soybean Meal $0.2671
per
pound		 0.16
Peanuts - Spanish Type
New Mexico, Oklahoma, and Texas
 CBOT/
ICE		 December Wheat, Cotton, Soybean Oil, and Soybean Meal $0.4167
per
pound		 0.16
Peanuts - Valencia Type
New Mexico, Oklahoma, and Texas
 CBOT/
ICE		 December Wheat, Cotton, Soybean Oil, and Soybean Meal $0.3018
per
pound		 0.16
Peanuts - Virginia Type
New Mexico, Oklahoma, Texas, and Virginia
 CBOT/
ICE		 December Wheat, Cotton, Soybean Oil, and Soybean Meal $0.3018
per
pound		 0.16
Popcorn
Alabama (previously released: 2/15/2023)
 CBOT September
Corn		 $0.2619
per
pound		 0.17
Popcorn - Organic Practice
Alabama (previously released: 2/15/2023)
 CBOT September
Corn		 $0.3770
per
pound		 0.17
Popcorn
All States, except Alabama and Michigan
 CBOT December
Corn		 $0.2541
per
pound		 0.18
Popcorn - Organic Practice
All States, except Alabama and Michigan
 CBOT December
Corn		 $0.3658
per
pound		 0.18
Popcorn
Michigan
 CBOT December
Corn		 $0.2541
per
pound		 0.19
Popcorn - Organic Practice
Michigan
 CBOT December
Corn		 $0.3658
per
pound
 0.19
Rice - Long Grain Type
Illinois and Missouri
 CBOT November
Rice		 $0.168
per
pound
 0.11
Rice - Organic Practice;
Long Grain Type
Illinois and Missouri
 CBOT November
Rice		 $0.225
per
pound
 0.11
Rice - Medium/Short Grain Types
Illinois and Missouri
 CBOT November
Rice		 $0.254
per
pound		 0.11
Rice - Organic Practice;
Medium/Short Grain Types
Illinois and Missouri
 CBOT November
Rice		 $0.341
per
pound		 0.11
Soybeans
Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Vermont, Washington, and Wisconsin
 CBOT November
Soybeans		 $13.76
per
bushel		 0.13
Soybeans - Organic Practice
Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Vermont, Washington, and Wisconsin
 CBOT November
Soybeans		 $28.29
per
bushel		 0.13
Soybeans
Delaware, Maryland, Oklahoma, Virginia, and West Virginia
 CBOT January
(2024)
Soybeans		 $13.80
per
bushel		 0.13
Soybeans - Organic Practice
Delaware, Maryland, Oklahoma, Virginia, and West Virginia
 CBOT January
(2024)
Soybeans		 $28.37
per
bushel		 0.13
Sunflowers - Oil Type
All States
 CBOT December
Soybean Oil		 $0.305
per
pound		 0.21
Sunflowers - Confectionery Type
All States
 CBOT December
Soybean Oil		 $0.326
per
pound		 0.21
Sunflowers - Organic Practice;
Oil & Confectionery Types
All States
 CBOT December
Soybean Oil		 $0.555
per
pound		 0.21
Wheat - All Types Except Durum
Alaska, California, Colorado, Iowa, Maine, Minnesota, Montana, Nebraska, North Dakota, Oregon (Klamath County), South Dakota, Vermont, Wisconsin, and Wyoming
 MGE September
HRS Wheat		 $8.87
per
bushel		 0.18
Wheat - Organic Practice;
All Types Except Durum
Alaska, California, Colorado, Iowa, Maine, Minnesota, Montana, Nebraska, North Dakota, Oregon (Klamath County), South Dakota, Vermont, Wisconsin, and Wyoming
 MGE September
HRS Wheat		 $17.67
per
bushel		 0.18
Wheat - Durum Type
Montana, North Dakota, and South Dakota
 MGE
 September
HRS Wheat		 $10.11
per
bushel		 0.18
Wheat - Organic Practice;
Durum Type
Montana, North Dakota, and South Dakota
 MGE
 September
HRS Wheat
 $20.14
per
bushel		 0.18
Wheat
(September 30 Sales Closing Date, Spring Type)
California, Colorado, Iowa, Montana (including Khorasan), Nebraska, Oregon (Klamath County), South Dakota, Wisconsin, and Wyoming
 MGE
 September
HRS Wheat
 $8.87
per
bushel		 0.18
Wheat - Organic Practice
(September 30 Sales Closing Date, Spring Type)
California, Colorado, Iowa, Montana (including Khorasan), Nebraska, Oregon (Klamath County), South Dakota, Wisconsin, and Wyoming
 MGE
 September
HRS Wheat
 $17.67
per
bushel		 0.18
1 Projected Prices and Volatility Factors apply for the Enhanced Coverage Option (ECO) and the Supplemental Coverage Option (SCO), where available.
2 Projected Prices and Volatility Factors apply for Stacked Income Protection (STAX - cotton only).
         

Malting Barley Endorsement

The Malting Barley Endorsement (MBE) utilizes a Chicago Board of Trade (CBOT) soft red wheat price component to derive the projected price for any insured whose malt barley contract provides for a premium amount above or below a base price to be determined, and the base price is not determined by the acreage reporting date.

Malting Barley Type Exchange Contract Projected Price Volatility Factor
Spring Planted Type
All States
 CBOT September
SRW Wheat		 $7.77
per
bushel		 0.21
         

Hybrid Seed Price Endorsement

RMA approved the following 2023 CY hybrid seed corn prices for the Hybrid Seed Price Endorsement: $6.23 per bushel for the non-organic practice; and $11.84 per bushel for the certified organic practice.

These amounts reflect the higher values of either: 1) the previously released 2023 crop year MPCI hybrid corn seed price elections [non-organic practice: $6.23 per bushel; certified organic practice: $11.84 per bushel]; or 2) the futures-based prices derived from the average daily settlement price in February for the 2023 December CBOT corn contract [non-organic practice: $5.91 per bushel], multiplied by an organic corn price factor [certified organic practice: $11.10 per bushel].

DISPOSAL DATE
December 31, 2023

USDA is an Equal Opportunity Employer and Provider

  Risk Management Agency Office

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