The USDA Risk Management Agency has announced harvest prices for revenue protection insurance plans for the 2013 crop year.
Winter and spring wheat is priced at $7.26 per bushel in the Pacific Northwest.
Winter and spring barley is $4.31 per bushel.
Fall canola is $22 cents per pound, with spring canola to be determined around Oct. 1.
Spring and fall rapeseed are $30.3 cents per pound, equal to the agency’s projected price.
The harvest price is multiplied by a farmer’s production to come up with a revenue guarantee. If a farmer’s actual revenue is below the guaranteed amount, he would be eligible to collect a payment to make up the difference, said Dave Paul, director of the agency office in Spokane Valley, Wash.
Paul said producers need to take any discounts they received into account. Sprout damage has been found in some wheat, lowering its price. The falling number test is used to determine damage.
“Depending on where you’re at, there’s some areas where the wheat crop is not that good, pretty average and pretty good,” he said. “If they’re getting discounted for falling number, (they should) make sure they’re talking to their insurance representative about that.”
Producers have 60 days to file any claims for the 2013 crop year.
The agency will also announce a new projected price for next year on Sept. 16. Farmers will need to go to their insurance agents to set up protection for the 2014 crop year by Sept. 30.