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Corn technology approved for crop insurance pilot program

Agriculture.com Staff 09/26/2007 @ 12:53pm

A new pilot program recently approved by the Federal Crop Insurance Corporation (FCIC) will provide farmers an opportunity to pay lower premiums if they plant a majority of their corn acres using hybrid seeds that feature YieldGard Plus with Roundup Ready Corn 2 or YieldGard VT Triple technology from Monsanto.

The insurance product will be offered as a pilot program in cooperation with Western Agriculture Insurance Company and will be called the Biotech Yield Endorsement (BYE). Western Agriculture Insurance will make the program available to all other approved insurance providers to offer to their farmer customers.

The pilot program will initially be available in four states: Illinois, Indiana, Iowa and Minnesota. Implementation of BYE has yet to be determined pending available resources and priorities for the deployment and administration of the program by the Risk Management Agency (RMA).

To be eligible for the program, a farmer must plant 75% to 80% of their corn acres with seeds featuring YieldGard Plus with Roundup Ready Corn 2 or YieldGard VT Triple technology. Refuge requirements must also be respected.

Depending on the grower's production history, amount of coverage purchased and other criteria, the farmer may be able to reduce the yield component of their premium up to 24%.

A new pilot program recently approved by the Federal Crop Insurance Corporation (FCIC) will provide farmers an opportunity to pay lower premiums if they plant a majority of their corn acres using hybrid seeds that feature YieldGard Plus with Roundup Ready Corn 2 or YieldGard VT Triple technology from Monsanto.

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