Dry bean, oat markets trend upward, RMA says
The USDA Risk Management Agency increased prices for dry beans and oats, crops that have yield protection but not revenue protection.
Black beans increased from 33 cents a pound to 35 cents a pound. Dark red kidney beans increased from 41 cents per pound to 53 cents per pound, the biggest increase. Great northern beans increased from 34 cents a pound to 36 cents a pound. Light red kidney beans increased from 43 cents per pound to 50 cents per pound. Navy beans increased from 33 cents per pound to 36 cents per pound. Pink beans increased from 34 cents per pound to 36 cents per pound. Pinto beans increased from 31 cents per pound to 33 cents per pound. Small red beans increased from 38 cents per pound to 40 cents per pound. Small white beans increased from 33 cents per pound to 36 cents per pound. Baby lima beans increased from 50 cents per pound to 53 cents per pound. Oregon smooth green and yellow peas increased from 15 cents per pound to 16 cents per pound.
Conventional and transitional oats in Idaho, Oregon and Washington increased from $2.70 per bushel to $2.80 per bushel. Organic oats increased from $3.55 per bushel to $3.70 per bushel.
Farmers use their average production history, coverage level and price election set by the agency to determine the guarantee. If they fall short of the guarantee, the agency would pay for the number of missing bushels protected under their policy.
RMA established a price earlier in the year, regional director Dave Paul said, but as sales closing and planting dates get closer, the agency provides additional prices if markets for those crops appear to be trending upward.