WASHINGTON (Reuters) - In a move that benefits biotech crop companies
and their farmer customers, the U.S. Agriculture Department has approved
the expansion of a risk management program that effectively lowers crop
insurance costs for producers planting certain biotech corn seeds.
The program was expanded from the original 2008 pilot to include more
states for Monsanto Co products and other corn hybrids from DuPont Co's
Pioneer Hi-Bred business division, Syngenta and Dow AgroSciences, a unit
of Dow Chemical Co.
Farmers who plant certain corn hybrids will qualify for crop insurance
premium reductions in some states. Monsanto estimated premiums for
certain policies were reduced on average by more than $3 per acre during
the 2008 pilot program. Similar savings are expected in 2009.
"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," Tim
Hennessy of Monsanto said in a statement.
USDA's Federal Crop Insurance Corporation Board of Directors said the
program applies to approved corn seed hybrids containing specific
biotech traits that enhance protection against above-ground pests such
as moths and their larvae and below-ground corn rootworm damage. The
biotech crops also tolerate herbicide treatments.
The lower crop insurance premiums will begin for the 2009 crop year. In
order to be eligible, farmers must plant at least 75 percent of their
corn using the following technologies:
* Monsanto YieldGard Plus with Roundup Ready Corn 2, YieldGard VT
Triple, and YieldGard VT Triple PRO hybrids for non-irrigated corn for
grain. The program expands from the original four states of Illinois,
Indiana, Iowa, and Minnesota to also include Michigan, Missouri, Ohio,
South Dakota, Wisconsin, Kansas, and Nebraska.
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.
* 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.
(Reporting by Christopher Doering and Carey Gillam) |
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