On June 1, 2020, the Risk Management Agency issued Product Management Bulletin: PM-20-034 regarding changes to MP for the 2021 and succeeding crop years. https://www.rma.usda.gov/en/Policy-and-Procedure/Bulletins-and-Memos/2020/PM-20-034. RMA states that it uses fertilizer prices posted by the Chicago Mercantile Exchange Group (CME) to establish guarantees and determine indemnities under MP. RMA states the CME has recently discontinued …
Crop Insurance News and Analysis – May 28, 2020 – Canola and Rapeseed Policy Changes
On May 28, 2020, the Risk Management Agency (RMA) issued Product Management Bulletin: PM-20-033, published a Final rule with request for comments, and published a copy of the Canola and Rapeseed Crop Provisions effective for the 2021 crop year. https://www.rma.usda.gov/en/Policy-and-Procedure/Bulletins-and-Memos/2020/PM-20-033; https://www.govinfo.gov/content/pkg/FR-2020-05-28/pdf/2020-10240.pdf; https://www.rma.usda.gov/-/media/RMAweb/Policies/Canola-and-Rapeseed/2021/Canola-and-Rapeseed-Crop-Provisions-21-0015.ashx. RMA revised the definition of “harvest” and added definitions of “latest final planting …
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Crop Insurance News and Analysis – May 28, 2020 – Covid-19 Additional Deferral of Interest
On May 28, 2020, the Risk Management Agency (RMA) issued Managers Bulletin: MGR-20-016 and a National Press release regarding the deferral of interest. https://www.rma.usda.gov/en/Policy-and-Procedure/Bulletins-and-Memos/2020/MGR-20-016; https://www.rma.usda.gov/en/News-Room/Press/Press-Releases/2020-News/USDA-Allows-Extensions-on-Insurance-Deadlines-Deferral-of-Interest-to-Help-Producers-Amid-Pandemic. RMA states that the Common Crop Insurance Policy Basic Provisions provides that interest will start to accrue the first day of the month, following issuance of the notice of premium …
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Crop Insurance News and Analysis – May 27, 2020 – Suspended Sales of Livestock Risk Protection (LRP) for Lamb
On May 27, 2020, the Risk Management Agency (RMA) issued a National Press Release and Managers Bulletin: MGR-20-014 announcing that RMA was suspending the sales of the LRP-Lamb because data was no longer available to make offers and settle contracts. https://www.rma.usda.gov/en/News-Room/Press/Stakeholder-Information/2020-News/FCIC-Suspends-Sales-of-Livestock-Risk-Protection-for-Lamb; https://www.rma.usda.gov/en/Policy-and-Procedure/Bulletins-and-Memos/2020/MGR-20-014. The data necessary was from the Agricultural Marketing Service (AMS) but it has …