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The U.S. Agriculture Department's Risk Management Agency is trying to avoid frequent changes to crop insurance rates due to the drought, and is introducing a new crop insurance program for high-risk land for 2013...
Dec. 06--The U.S. Agriculture Department'sRisk Management Agency is trying to avoid frequent changes to crop insurance rates due to the drought, and is introducing a new crop insurance program for high-risk land for 2013 as well as revising the premium rates for all major crops, a USDA official said recently.
USDA Risk Management Agency Administrator Bill Murphy said the agency, which sets the rates for crop insurance sold by private companies, announced revised rates for all major crops on a state-by-state basis earlier this week.
After an independent study recommended that the agency give more weight to crop performance in recent years, the agency revised rates for corn and soybeans in 2012 and has revised those rates again for 2013, he noted.
While the corn and soybean rates went up in some states and down in others, overall they went down, he said.
In making those revisions, Murphy said, the agency has limited the impact of the 2012 drought so that rates will not be moving dramatically upward one year and downward another.
The agency also announced that for the first time this week it has revised the rates for spring wheat, cotton, rice and grain sorghum using the new methodology.
(c)2012 the Greeley Tribune (Greeley, Colo.)
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