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January 21, 2016
AND OFFAL VALUE
Live Animal Basis, Weekly
Avg. 2009-13 2014 …
December 9, 2015
AND OFFAL VALUE
Live Animal Basis, Weekly
Avg. 2009-13 2014 …
November 12, 2015
AND OFFAL VALUE
Live Animal Basis, Weekly
Avg. 2009-13 2014 …
March 1, 2016
Wind Energy Leases
required on
a periodic basis - perhaps every five years …
January 20, 2017
Information Center
Beef Basis, Salina KS
Projections (as …
August 18, 2017
Information Center
Beef Basis, Salina KS
Projections (as …
August 16, 2017
General Sessions
on 7/28. Spot cash grain basis levels in Kansas for corn …
August 30, 2017
Crop Insurance Papers
2
The indemnity is calculated as the margin loss times the Protection Factor. The Protection Factor
ranges in value from 0.80 to 1.20, meaning that the margin loss can be scaled up or down by as much
as 20% to calculate the final indemnity amount. The Protection Factor may be familiar to some as a
feature also available with other county‐based insurance products such as Area Risk Protection
Insurance (ARPI).
The county yields used for MP coverage are the same ones used in the ARPI insurance plans. An
Expected County Yield will be announced prior to sign‐up for purposes of calculating the expected
revenues and related parameters. The Final County Yield, used to calculate harvest revenue, is usually
not announced by USDA until early the following year, so loss determination for MP will be somewhat
delayed, compared to individual crop insurance plans.
The Expected County Yield is also used to determine input quantities. Formulas have been developed
to estimate input use as a function of yield for several inputs: diesel, urea, diammonium phosphate
(DAP), potash, and interest. Urea, DAP, and potash represent the familiar macro nutrients of N, P, and
K found in many fertilizer formulations. Table 1 shows the formulas and parameter values used to
calculate input amounts. For example, consider a non‐irrigated corn yield of 140 bu/a. Plugging this
value into the formulas results in the following input quantities: 8.1 gallons of diesel, 252.6 lbs of urea,
106.5 lbs of DAP, and 58.3 lbs of potash on a per‐acre basis. These quantities are combined with the
average futures prices of these inputs during the price discovery period to calculate this part of
expected costs.
The second component of expected costs is a fixed amount that covers all other inputs not subject to
changing prices. This component includes costs like seed, herbicides and other chemicals, machinery,
lubrication, etc. For corn in 2018, this amount is set at $206.90/acre, and for soybeans it is
$111.50/acre. These amounts are the same for all counties and practices, and they are not subject to
change during the later Harvest Price discovery period.
Interest is the third component of expected costs. Interest is calculated as 6% + the 30‐day Fed Funds
rate, applied to all the other operating costs mentioned earlier, and assumed to be outstanding for 6
months. Tables 2 and 3 show examples of expected cost calculations for corn and soybeans,
respectively.
Table 4 shows the sources of the input prices used to calculate costs, as well as the price discovery
periods. The diesel price is based on the May diesel contract at the New York Mercantile Exchange,
urea and DAP prices are based on May futures swaps contracts at the Chicago Mercantile Exchange,
and the potash price is based on cash prices reported by USDA’s Agricultural Marketing Service for
central Illinois. The interest rate is based on the CME 30‐day Fed Funds November contract.
Table 4 also shows similar information for the corn and soybean prices. The crop prices are based on
the same futures contracts used in the traditional Revenue Protection (RP) and Yield Protection (YP)
Kansas State University Department Of Agricultural Economics Extension Publication …
May 1, 2018
Macro and Global Economic Perspectives
w16535).
National Bureau of Economic Research.
The World Bank (2016). Accessed at https://data.worldbank.org/country/canada?view=chart
U.S. Bureau of Economic Analysis. (2016). U.S. Direct Investment Abroad, U.S. Direct Investment Position
Abroad on a Historical‐Cost Basis. Retrieved from Balance of Payments and Direct …
2018 Extension Outlook Conference
PRODUCTS
M.E. equivalent, fat basis
Data Source: USDA ERS
Summer …