Cole Arthun, with Watts & Associates, told dry bean growers at Bean Day in Fargo the "heavy lifting is over", and the new revenue crop insurance product is on the ground for 2013.
The revenue coverage will function identically to combo revenue protection coverage, but will use alternative mechanisms to determine the projected and harvest prices. Arthun will soon be contacting dry bean processors to get current new-crop contract prices as well as the volume of those contracts.
USDA/AMS Market News reports will be used to determine harvest prices. This is a 4-year pilot program for black, pinto, navy and dark red kidney beans. Coverage is being offered for dry beans in all counties in Minnesota and North Dakota where dry bean yield coverage is currently available.
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