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High production farmers will be able to get higher crop insurance coverage next spring without paying increased premium costs to the U.S. Department of Agriculture’s Federal Crop Insurance Corporation. Merritt Sprague, Manager of the USDA Corporation, explained that higher coverage will be available to farmers who plant corn, cotton, grain sorghum, rice, soybeans, wheat, and barley in the spring of 1983 under changes in the Corporation's individual yield coverage plan. The 1982 plan required farmers to provide satisfactory acreage and production records for at least the most recent three years a crop was grov n out ot a 10-year-period. Areaaverage yields were used tor years for which the farmer had no records.
Under the new plan for 1983 spring planted crops, the producer's records will continue to be used in the same manner except that coverage is based on a revised yield formula. That formula: Production records for at least the most recent 3 years are compared with county yield averages to arrive at a producer yield index. This index then is applied to the county yield average as computed by the USDA’s Statistical Reporting Service for those years of the ten year base period for which the farmer has inadequate records.
‘‘We believe this approach will better reflect the risks taken by top producers.” Sprague said. "Farmers will be able to qualify for higher production guarantees without increasing their per acre insurance cost. This plan will make crop insurance a more attractive component in a farmer’s risk management plan.".
Sprague said the USDA Corporation has devised an
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