USDA’s Risk Management Agency has lowered crop insurance premiums for corn for the 2012 crop year. In an announcement the agency stated the average premium for corn will be lowered by 7 percent beginning in 2012 and soybeans will be lowered by 9 percent.  The rate adjustment is based on findings of an independent study and peer review process. RMA also announced it will be releasing documents by Wednesday that outline premium rates and other program information for the 2012 crop year.

National Corn Growers Association President Garry Niemeyer, a corn farmer from Auburn, Illinois, says – we are pleased to hear our farmers will no longer be facing the continued widening gap between the loss for corn and the premiums charged to growers for policy coverage. He says – this is a day long-coming.

According to Niemeyer, – our farmers have historically paid more than their fair share of crop insurance premiums and we are pleased to see this is finally coming to an end. NCGA has been working on this issue for the past 8 years. Niemeyer pledges, – we will continue to work with USDA as they implement these new premiums for the 2012 crop year.