Crop insurance prices announced

The USDA Risk Management Agency’s projected 2011 price for winter wheat was announced at $7.12 per bushel last month. Winter barley is projected at $3.91 per bushel. In August 2011, the agency will announce the harvest price and determine whether farmers fall below their revenue guarantee, Paul said.

Insurance with upside protection, provides coverage that increases with an increase in price. Down price protection guarantees it will remain at the same level if prices decline. Yield protection guarantees any shortfall below the yield guarantee will be covered at the established price.

Projected prices for spring wheat, barley, canola and rapeseed will be determined close to March 1, 2011.

Farmers who experience any damage between the time a crop is planted and harvested should contact their insurance agent with a notice of loss.