Date
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
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