Sugar Beet Revenue
The Sugar Beet Revenue (SBR) Crop Insurance Program is currently being developed by AgriLogic Consulting. The Southern Minnesota Beet Sugar Cooperative has been a key partner in bringing the program to this stage in the development process. We have also been very fortunate to garner invaluable input from the American Sugar Growers Association and the U.S. Beet Sugar Association as we have refined the concept into a program that is now being developed. As we transition into the full development process, we are going to be conducting listening sessions and working closely with sugar beet producers across the United States where the Sugar Beet Actual Production History (APH) program is currently available. We are envisioning converting the APH program into a Yield Protection (YP) offering with all the same features available in the current APH program plus two additional options of the Revenue Protection (RP) and Revenue Protection-Harvest Price Exclusion (RP-HPE) plans of insurance that a producer may elect by the applicable sales closing date.
The SBR will provide producers with crop insurance coverage against both yield losses due to natural causes as denoted in the policy provisions and revenue losses resulting from a decrease from the projected to the harvest price computed as outlined by the insurance program’s methodology. As with other Plan 02 RP crop insurance, the SBR insurance guarantee will be calculated using the greater of the projected or harvest price. Likewise, production to count will be valued using the harvest price computed by the insurance program’s methodology. Once developed and approved by the Federal Crop Insurance Corporation Board of Directors, SBR will be an offering in the Federal Crop Insurance Program.
