Rice and soybean growers could soon see lower insurance premiums. For the second year in a row, the U-S government has ordered crop insurers to lower premiums for those crops.
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It’s part of the Agriculture Department’s project to improve the crop insurance program.
The crop insurance program is privately ran, but federally subsidized. Premiums for rice will drop 8 percent, and soybeans – 6 percent overall. However, there will be rate differences depending on weather patterns within the state in which the crops are located. For the complete release by the USDA’s Risk Management Agency, click here.