WASHINGTON (Reuters) – U.S. corn and soybean growers will pay lower rates from crop insurance in 2012 — down by an average 7 percent for corn and 9 percent for soybeans, the federal overseer said.
The U.S. Agriculture Department's Risk Management Agency said the lower premium rates were a result of updated methodology for setting rates. Administrator Bill Murphy said premium rates will more accurately reflect risks under the revisions.
The USDA pays 60 cents of each $1 in crop insurance premiums. Crop insurance subsidies were forecast for $7 billion in the fiscal year that ended on Sept. 30.
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