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Cheaper crop insurance for US farmers
Posted: Wednesday, August 20, 2008 8:33 am
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The USDA's Federal Crop Insurance Corp. has approved a premium rate reduction for farmers who plant designated Monsanto, Pioneer or Syngenta products.

This was announced after its Aug 14, 2008 meeting, which approved additional seed technologies and states for a premium rate reduction for producers who plant these products. The Board's approval is conditioned upon the submitters' cooperation with Risk Management Agency (RMA) to develop a single unified biotechnology endorsement and work out associated details.

The program is an expansion of the 2008 pilot BYE Program, in which Monsanto seeds were the only ones approved for the premiums. This year Pioneer, Dow AgroSciences and Syngenta Seeds also were granted approval for certain hybrids.

The biotechnology endorsement pilot program applies to approved corn seed hybrids containing specific biotech traits that enhance protection against above-ground lepidopteron pests (such as moths and their larvae) and below-ground corn rootworm damage, and confer tolerance to certain herbicides.

Under the resolutions approved by the FCIC Board, the following seed technologies and states will be eligible for coverage beginning with the 2009 crop year:

* Monsanto YieldGard Plus with Roundup Ready Corn 2, YieldGard VT Triple, and YieldGard VT Triple PRO hybrids for non-irrigated corn for grain in Michigan, Missouri, Ohio, South Dakota, Wisconsin, Kansas, and Nebraska, in addition to the original pilot states of Illinois, Indiana, Iowa, and Minnesota, submitted by the Western Agricultural Insurance Company, working with the Monsanto Company. In addition, irrigated corn for grain acreage planted to the qualifying Monsanto hybrids would be eligible for coverage in Kansas and Nebraska.

* Pioneer and Dow AgroSciences Herculex Xtra and Herculex Xtra RR2 hybrids for non-irrigated corn for grain in Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Ohio, South Dakota, and Wisconsin, submitted by Stonington Insurance Company and Agro National, LLC, in conjunction with Dow AgroSciences, LLC, and Pioneer Hi-Bred International, Inc.

* Syngenta Agrisure CB and RW stacked and Agrisure 3000GT hybrids for non-irrigated corn for grain in Iowa, Illinois, Indiana, Minnesota, Nebraska, South Dakota, and Wisconsin, submitted by John Deere Risk Protection, Inc, in conjunction with Syngenta Seeds, Inc.

The pilot program is an endorsement to the Coarse Grains Crop Provisions, the Crop Revenue Coverage Corn Provisions, and the Revenue Assurance Corn Provisions. Insured producers will be required to purchase a buy-up level of coverage and plant at least 75 percent of their insured corn acres in a unit to a qualifying corn hybrid. RMA will release the biotechnology endorsement and related materials upon completion later this fall, and will include revisions for failure to comply that were viewed by some as too onerous.

"The approval of this program for Pioneer products with the Herculex(R) XTRA trait clearly indicates this trait lowers a grower's risk," said Paul E. Schickler, DuPont vice president and general manager and Pioneer president.

"The FCIC's approval of Agrisure and other traited corn seeds acknowledges reduced risk for growers," said Steve Ligon, Head, Syngenta Seeds Corn and Soybean Commercial Operations.

Tim Hennessy, a spokesman for Monsanto, said: "This program recognizes the reduced annual production risk that comes from using advanced seeds and technologies that have the possibility to increase yields and places that value back in the hands of growers."

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Member Opinions:
By: Demosthenes on 8/20/08
This is significant. To the dwindling number of skeptics who continue to insist, against all evidence, that biotech crops do not deliver superior value, one can now say "How, then, can you justify the lower insurance premiums for farmers growing biotech crops?" Underwriters are famous for under-stating risks (not!) and making bad bets (wanna buy a bridge?). Skeptics can argue with the numbers all the want but that doesn't change them. "Three things cannot long be hidden: the sun, the moon, and the truth."


 

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