USDA expands hemp insurance |

USDA expands hemp insurance

The Hagstrom Report

The Agriculture Department’s Risk Management Agency announced today it is expanding the pilot Multi-Peril Crop Insurance plan for hemp.

The expansion, as well as other improvements to the plan, will begin in the 2021 crop year.

“We are pleased to expand the hemp program and make other improvements for hemp producers,” said Risk Management Agency Administrator Martin Barbre. “Hemp offers exciting economic opportunities for our nation’s farmers, and we are listening and responding to their risk management needs.”

The changes include:

▪ Expanding the program — New states included with select counties in Arizona, Arkansas, Nevada and Texas;

— Thirteen new counties in states with existing coverage: In Colorado, Conejos, La Plata, Moffat, Routt, and San Miguel counties; in Kentucky, Kenton and Whitley counties; in New Mexico, San Miguel and Valencia counties; Houghton County, Mich.; Granite County, Mont.; Scott County, Tenn.; Alleghany, Va.

▪ Allowing broker contracts for hemp grain

▪ Adjusting program, reporting and billing dates — Sales closing, cancellation, production reporting and termination dates adjusted to match dates of similar crops

— Acreage Reporting Dates adjusted based on regional final planting dates

— Premium billing dates for all states changed to Aug. 15


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