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The Federal Crop Insurance Corporation Board of Directors (FCIC Board) approved the Margin Protection (MP) Plan of Insurance for corn, wheat, rice and soybeans on June 24, 2014, a privately developed product submitted under section 508(h) of the Federal Crop Insurance Act. For the 2017 crop year, minor changes and technical corrections have been made to the Margin Protection (MP) plan of Insurance.
Common Crop Insurance Policy 1 The 2021 CY projected prices shown below are approved for the Yield Protection, Revenue Protection and Revenue Protection with Harvest Price Exclusion plans of insurance. The 2021 CY volatility factors shown below are approved for the Revenue Protection and Revenue Protection with Harvest Price Exclusion plans of insurance. The projected prices and volatility factors apply to policies with a January 31 sales closing date and are applicable for the crops, types, practices and states indicated below:
The CEPP - Peanuts factors necessary to establish the insured’s amount of protection under the peanut program for the 2021 CY are identified below. The factors are applied to the commodity prices for wheat, cotton, soybean oil, and soybean meal during the discovery period of January 15, 2021 to February 14, 2021. These factors apply only to states with a Sales Closing Date (SCD) of February 28, 2021.
The Federal Crop Insurance Corporation (FCIC) has expanded the number of counties where certain crops are insurable for the 2017 crop year. The following attachment, 2017 Expansion of Existing Fall Crops Programs, lists the expansion by crop, state, and county for permanently-established (non-pilot) programs.
Common Crop Insurance Policy & Area Risk Protection Insurance 1
Common Crop Insurance Policy & Area Risk Protection Insurance 1, 2
The CEPP - Peanuts factors necessary to establish the insured’s amount of protection under the peanut program for the 2021 CY are identified below. The factors are applied to the commodity prices for wheat, cotton, soybean oil, and soybean meal during the discovery period of December 15, 2020 to January 14, 2021. These factors apply only to states with a Sales Closing Date (SCD) of January 31, 2021.
To ensure actuarial soundness, the Whole Farm Revenue Protection (WFRP) policy is not available to producers with a Catastrophic Risk Protection (CAT) policy for any crop that would be insurable under WFRP. Questions have been raised regarding producers that have a CAT policy in effect for winter wheat in counties where spring wheat is not insurable and no wheat was planted during the planting period for winter wheat. The relevant section of the WFRP policy is stated below. Section 3 of the WFRP Basic Provisions states the following:
Due to changes in WFRP commodity lists for the 2017 crop year, some commodities may now have multiple commodity codes available, a primary commodity code, and separate commodity codes related to specific types or practices of the commodity. For example, actuarial documents may list the primary commodity code and separate commodity codes for specific types or practices, such as Fresh Market and Processing, or Irrigated, Nonirrigated, Summerfallow, and Continuous cropping.
