USDA Expands Revenue Protection for Oat and Rye Producers
The country’s oat and rye producers can now benefit from revenue protection, a new crop insurance option available through the USDA. After listening to growers, the Risk Management Agency expanded the Small Grains Crop Provisions to offer revenue protection for 2023 oat and rye crops.
“This enhanced coverage for oats and rye is a direct result of RMA listening to and prioritizing the feedback we get from farmers,” said RMA Administrator Marcia Bunger. “We are always working to offer risk management options and opportunities that are in the producers’ best interests.”
Before the program change, RMA established prices for oats and rye up to 11 months before harvest. In 2021 and 2022, the oat prices increased about by 30%, leaving producers with insurance coverage below the value of their crops. Now, the insurance coverage price will rise to follow any higher oat prices and provide coverage reflecting the crops’ true value.
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