FOR IMMEDIATE RELEASE: December 4, 1996
CONTACT: Dana Hagerty 202/225-2165
WASHINGTON, DC -- Congressman Collin C. Peterson (DFL-7th District) today was informed by the Federal Crop Insurance Corporation (FCIC) Board of Directors of their decision to include Minnesota spring wheat in the Crop Revenue Coverage (CRC) Program. CRC is a new form of crop insurance that protects against revenue loss as opposed to insurance based on yield.
"When this pilot program first began about a year ago, Minnesota was not included," Peterson said. "I worked hard with the Administrator of FCIC and its Board Members in an effort to get them to reconsider and open this program up to at least a few Minnesota counties. Today we were informed that the program will be available for all spring wheat acres in the state.
"As the safety net for farmers continues to be downsized, it is critical that effective risk management tools become available to our farmers," Peterson said. "Minnesota represents a unique opportunity for the testing of this new risk management tool.
"The state has the advantage of working with the Minneapolis Grain Exchange, which will be used to determine the base harvest price for CRC of these crops," Peterson continued. "In addition, Minnesota is participating in similar programs such as the Income Protection (IP) Program offered for wheat producers in select counties."
"With the assistance of the Minnesota Wheat Growers, we were able to accomplish bringing Minnesota into this pilot program. I will continue to work to have the program expanded to include other crops in Minnesota."