09/07/06 2006 crop insurance harvest prices

Farm and Ranch September 7, 2006 USDA's Risk Management Agency has announced Harvest Prices for 2006 crop year small grain revenue insurance products. Those include Crop Revenue Coverage and Income Protection for wheat and barley in Idaho, Oregon, and Washington and Revenue Assurance for spring and winter wheat and feed barley in Idaho. The Harvest Price for 2006 wheat for Crop Revenue and Income Protection is $3.97 a bushel. For barley under Income Protection it's $2.04 a bushel. Harvest Price under Revenue Assurance in Idaho for spring wheat is $4.57, winter wheat $3.84 and feed barley $2.49 a bushel. For producers who purchased a 2006 revenue product, the harvest price is used to determine the calculated revenue. The calculated revenue is subtracted from the final revenue guarantee to determine possible indemnities. As to 2007 crop year wheat, Dave Paul of the regional office of USDA's Risk Management Agency, says some price announcements will be coming later this month. Paul: "And then on or around September 20 we will announce our revenue prices for producers that select one of our revenue policies available and of course the Crop Revenue Coverage or CRC, is the one that is most popular in the Pacific Northwest." And a reminder that the sales closing date for 2007 crop year winter and spring wheat is October 2nd. I'm Bob Hoff and that's the Northwest Farm and Ranch Report on the Northwest Ag Information Network.