USA: The USDA Risk Management Agency announces projected wheat and barley prices for crop year 2015

The USDA Risk Management Agency has announced projected wheat and barley prices for the 2015 crop year. Farmers have until Sept. 30 to purchase crop insurance, Capital Press reported on September 22.

The USDA Risk Management Agency has announced the 2015 projected price for several grain crops in the Pacific Northwest.

Winter wheat is projected at $6.20 per bushel. Spring wheat is projected at $6.55 per bushel.

Winter malting barley is projected at $3.41 per bushel. Spring malting barley projected prices will be determined approximately March 1, 2015.

The projected prices help farmers determine the level of insurance coverage and know their price point protection for a specific crop, said Jo Lynne Seufer, risk management specialist for the agency office in Spokane.

If the price a farmer would receive falls below the projected price, farmers would receive a payment for loss of revenue, depending on the insurance policy level they choose, she said.

“If we’re going into a year of drought, maybe they’ll want to look at good production yield risk policy along with price risk protection,” Seufer said.

Sales closing date for fall planted barley and all wheat is Sept. 30. The agency encourages farmers to contact their local crop insurance agent as soon as possible to determine coverage levels, Seufer said.

The agency will announce harvest prices in September 2015.

Projected prices are determined using the average price from Aug. 15 to Sept. 15. Harvest prices are determined using the average price during August.

24 September, 2014