Urbana, Illinois
February 5, 2008
Farmers in Illinois, Indiana,
Iowa, and Minnesota will be able to receive discounts on crop
insurance for non-irrigated corn grown for grain by using the
Biotech Yield Endorsement (BYE), said a
University of Illinois
Extension farm financial management specialist.
"To be eligible for the discount, farmers must plant hybrids
containing Monsanto-based technology with the following three
traits: Roundup Ready® Corn 2, YieldGard® Corn Borer, and
YieldGard® Rootworm," said Gary Schnitkey. "
A list of the qualifying hybrids
will be made available online at
http://www.biotechyieldendorsement.com/
Schnitkey has prepared a
report on Biotech Yield Endorsement which is available on U
of I Extension's farmdoc website.
He said the BYE discounts are offered because Monsanto provided
three years' of comprehensive field-trial data to the USDA Risk
Management Agency indicating that Monsanto-based triple-stacks
hybrids have lower yield losses than conventional hybrids under
drought and other stress conditions.
"Because yield losses are expected to be less, insurance
payments are expected to be less," he said. "Lower expected
payments then justify lower crop insurance premiums."
To be eligible to receive a BYE discount, a farmer must plant 75
percent of an insured unit of non-irrigated grain corn with
hybrids containing Monsanto-based triple-stack traits. In
addition, farmers using BYE must:
- sign a certification
indicating that 75 percent of the insured unit is planted to
eligible hybrids;
- maintain invoices
indicating that sufficient quantities of eligible hybrids
have been purchased to plant required acres; and
- be prepared for spot
checks.
"During the growing season, spot
checks of BYE-insured units will be made," Schnitkey said.
"During a spot check, documentation listed above will be checked
and seed dealers will be contacted to verify that the eligible
hybrids have been purchased. Plant tissues will also be
collected."
by Bob Sampson
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