PRODUCT MANAGEMENT BULLETIN: PM–22-019
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, 2022
To:
All Approved Insurance Providers
All Risk Management Agency Field Offices
All Other Interested Parties
All Risk Management Agency Field Offices
All Other Interested Parties
From:
Richard H. Flournoy, Deputy Administrator /s/ Richard H. Flournoy 3/1/2022
Subject:
2022 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
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Common Crop Insurance Policy & Area Risk Protection Insurance 1, 2, 3
The Risk Management Agency (RMA) approved the 2022 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 2022 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
$5.70/bushel 0.18 Barley – Organic Practice
Kansas (Spring type)
CBOT July
Corn$12.19/bushel 0.18 Barley
Iowa, Nebraska, New York (Spring type) & Pennsylvania (Spring type)
CBOT September
Corn$5.35/bushel 0.20
Barley – Organic Practice
Iowa, Nebraska, New York (Spring type) & Pennsylvania (Spring type)
CBOT September
Corn$11.43/bushel 0.20
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 & Wyoming
CBOT September
Corn$5.35/bushel 0.22
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 & Wyoming
CBOT
September
Corn$11.43/bushel 0.22
Barley
Alaska
CBOT
December
Corn
$7.75/bushel 0.21
Barley – Organic Practice
Alaska
CBOT
December
Corn$16.52/bushel 0.21
Barley
(March 15 Sales Closing Date, Winter Types without Winter Coverage Endorsement)
California, Idaho, Oregon & Washington (previously released 9/15/2021)
CBOT September
Corn$4.55/bushel 0.21
Barley – Organic Practice
(March 15 Sales Closing Date, Winter Types without Winter Coverage Endorsement)
California, Idaho, Oregon & Washington (previously released 9/15/2021)
CBOT September
Corn$9.73/bushel 0.21
Barley
(September 30 Sales Closing Date, Spring Type)
Kansas
CBOT
July
Corn$5.70/bushel 0.18
Barley – Organic Practice
(September 30 Sales Closing Date, Spring Type)
Kansas
CBOT July
Corn$12.19/bushel 0.18
Barley
(September 30 Sales Closing Date, Spring Types)
New York & Pennsylvania
CBOT September
Corn$5.35/bushel 0.20
Barley – Organic Practice
(September 30 Sales Closing Date, Spring Types)
New York & Pennsylvania
CBOT
September
Corn$11.43/bushel 0.20
Barley
(September 30 Sales Closing Date, Spring Types)
California, Colorado, Idaho, Oregon & Washington
CBOT
September
Corn$5.35/bushel 0.22
Barley – Organic Practice
(September 30 Sales Closing Date, Spring Types)
California, Colorado, Idaho, Oregon & Washington
CBOT
September
Corn$11.43/bushel 0.22
Barley
(October 31 Sales Closing Date, Spring Types)
Nevada & Utah
CBOT
September
Corn$5.35/bushel 0.22
Barley – Organic Practice
(October 31 Sales Closing Date, Spring Types)
Nevada & Utah
CBOT
September
Corn$11.43/bushel 0.22
Canola
All States
ICE November
Canola$0.303/pound 0.17
Canola – Rapeseed Type
All States
ICE November
Canola$0.423/pound 0.00
Canola – Rapeseed Type
All States
ICE November
Canola$0.423/pound 0.00
Canola – Rapeseed Type
(August 31 Sales Closing Date, Spring Type(s))
Idaho, Oregon & Washington
ICE November
Canola$0.423/pound 0.00
Corn
Oklahoma & Texas
CBOT
December
Corn$5.90/bushel 0.21
Corn – Organic Practice
Oklahoma & Texas
CBOT
December
Corn$11.72/bushel 0.21
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 & Wyoming
CBOT
December
Corn$5.90/bushel 0.23
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 & Wyoming
CBOT
December
Corn$11.72/bushel 0.23
Corn
Idaho, Michigan, Oregon & Washington
CBOT
December
Corn$5.90/bushel 0.24
Corn – Organic Practice
Idaho, Michigan, Oregon & Washington
CBOT
December
Corn$11.72/bushel 0.24
Corn – High Amylose Type
Illinois, Indiana, Iowa, Kansas, Missouri, Nebraska & South Dakota
CBOT
December
Corn$8.26/bushel 0.23
Cotton2
Missouri, Tennessee, Texas & Virginia
ICE December
Cotton$1.03/pound 0.22
Cotton2 – Organic Practice
Missouri, Tennessee, Texas & Virginia
ICE December
Cotton$1.43/pound 0.22
Cotton2
Kansas, New Mexico & Oklahoma
ICE December
Cotton$1.03/pound 0.23
Cotton2 – Organic Practice
Kansas, New Mexico & Oklahoma
ICE December
Cotton$1.43/pound 0.23
Grain Sorghum
Texas
CBOT
December
Corn$5.88/bushel 0.21
Grain Sorghum – Organic Practice
Texas
CBOT
December
Corn$12.28/bushel 0.21
Grain Sorghum
All States, except Texas
CBOT
December
Corn$5.88/bushel 0.23
Grain Sorghum – Organic Practice
All States, except Texas
CBOT
December
Corn$12.28/bushel 0.23
Peanuts – Runner Type
New Mexico, Oklahoma, Texas & Virginia
CBOT/ICE December Wheat, Cotton, Soybean Oil & Soybean Meal $0.2399/pound 0.18
Peanuts – Spanish Type
New Mexico, Oklahoma & Texas
CBOT/ICE
December Wheat, Cotton, Soybean Oil & Soybean Meal $0.4366/pound 0.18
Peanuts – Valencia Type
New Mexico, Oklahoma & Texas
CBOT/ICE
December Wheat, Cotton, Soybean Oil & Soybean Meal $0.2663/pound 0.18
Peanuts – Virginia Type
New Mexico, Oklahoma, Texas & Virginia
CBOT/ICE
December Wheat, Cotton, Soybean Oil & Soybean Meal $0.2663/pound 0.18
Popcorn
Alabama (previously released: 2/15/2022)
CBOT
September
Corn$0.2524/pound 0.22
Popcorn – Organic Practice
Alabama (previously released: 2/15/2022)
CBOT
September
Corn$0.3634/pound 0.22
Popcorn
All States, except Alabama & Michigan
CBOT
December
Corn$0.2537/pound 0.23
Popcorn – Organic Practice
All States, except Alabama & Michigan
CBOT
December
Corn$0.3652/pound 0.23
Popcorn
Michigan
CBOT
December
Corn$0.2537/pound 0.24
Popcorn – Organic Practice
Michigan
CBOT
December
Corn$0.3652/pound 0.24
Rice – Long Grain Type
Illinois & Missouri
CBOT
September
Rice3$0.148/pound 0.11
Rice – Long Grain Type; Organic Practice
Illinois & Missouri
CBOT
September
Rice3$0.198/pound 0.11
Rice – Medium/Short Grain Types
Illinois & Missouri
CBOT
September
Rice3$0.209/pound 0.11
Rice – Medium/Short Grain Types; Organic Practice
Illinois & Missouri
CBOT
September
Rice3$0.280/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 & Wisconsin
CBOT
November
Soybeans$14.33/bushel 0.19
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 & Wisconsin
CBOT
November
Soybeans$27.41/bushel 0.19
Soybeans
Delaware, Maryland, Oklahoma, Virginia & West Virginia
CBOT
January
(2023)
Soybeans$14.30/bushel 0.20
Soybeans – Organic Practice
Delaware, Maryland, Oklahoma, Virginia & West Virginia
CBOT
January
(2023)
Soybeans$27.36/bushel 0.20
Sunflowers – Oil Type
All States
CBOT
December
Soybean Oil$0.324/pound 0.22
Sunflowers – Confectionery Type
All States
CBOT
December
Soybean Oil$0.405/pound 0.22
Sunflowers – Oil & Confectionery Types; Organic Practice
All States
CBOT
December
Soybean Oil$0.590/pound 0.22
Wheat – All Types Except Durum
Alaska, California, Colorado, Iowa, Maine, Minnesota, Montana, Nebraska, North Dakota, Oregon (Klamath County only), South Dakota, Vermont, Wisconsin & Wyoming
MGE September
HRS Wheat$9.19/bushel 0.23
Wheat – All Types Except Durum; Organic Practice
Alaska, California, Colorado, Iowa, Maine, Minnesota, Montana, Nebraska, North Dakota, Oregon (Klamath County only), South Dakota, Vermont, Wisconsin & Wyoming
MGE September
HRS Wheat$18.66/bushel 0.23
Wheat – Durum Type
Montana, North Dakota & South Dakota
MGE September
HRS Wheat$9.44/bushel 0.23
Wheat – Durum Type; Organic Practice
Montana, North Dakota & South Dakota
MGE September
HRS Wheat$19.17/bushel 0.23
Wheat
(September 30 Sales Closing Date,
Spring Type)
California, Colorado, Iowa, Montana (including Khorasan), Nebraska, Oregon (Klamath County only), South Dakota, Wisconsin & Wyoming
MGE September
HRS Wheat$9.19/bushel 0.23
Wheat – Organic Practice
(September 30 Sales Closing Date,
Spring Type)
California, Colorado, Iowa, Montana (including Khorasan), Nebraska, Oregon (Klamath County only), South Dakota, Wisconsin & Wyoming
MGE September
HRS Wheat$18.66/bushel 0.23
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).
3 In accordance with the Commodity Exchange Price Provisions (CEPP), RMA used the CBOT September rice contract to derive the projected rice prices since the November contract lacks sufficient volume and open interest activity.
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
FactorSpring Planted Type
CBOT September
SRW Wheat$8.06/bushel 0.24 Hybrid Seed Price Endorsement
RMA approved the following 2022 CY hybrid seed corn prices for the Hybrid Seed Price Endorsement: $5.90 per bushel for the non-organic practice; and $11.72 per bushel for the certified organic practice.
These amounts reflect the higher values of either: 1) the previously-released 2022 crop year MPCI hybrid seed corn price elections [non-organic practice: $5.19 per bushel; certified organic practice: $10.12 per bushel]; or 2) the futures-based prices derived from the average daily settlement price in February for the 2022 December CBOT corn contract [non-organic practice: $5.90 per bushel], multiplied by an organic corn price factor [certified organic practice: $11.72 per bushel].
DISPOSAL DATE
December 31, 2022