RMA announces insurance rates

USDA’s Risk Management Agency harvest price for 2010 crop insurance coverage is $6.29, the agency announced earlier this month.

For barley under the Income Protection plan, the price was set at $3.30 per bushel. Under the Revenue Assurance Plan, feed barley was set at $3.36 per bushel.

The price is an important number because it is used to calculate revenue for farmers enrolled in Crop Revenue Coverage, Income Protection or a Revenue Assurance Plan.

The harvest price is multiplied by the appraised or harvest production to determine the calculated revenue. The calculated revenue is then subtracted from the final revenue guarantee to determine possible insurance losses.

Last spring’s projected price was $5.55 per bushel.

Farmers who suffered crop losses are encouraged to file notice of their damages with their insurer.