This new model will more than double the government’s fiscal cost for premium subsidies, but it is also expected to more than double the amount of crop covered under insurance by bringing down farmers’ premium payments.Over the past two farm bills and with the support of the production agriculture sector, Congress has moved to make crop insurance the primary risk management tool for farmers. The concept of expanding crop insurance is spreading as the government of India (GOI) has just announced plans for an overhaul of its own. A major reform was introduced in 2013 to better coordinate the various crop insurance schemes in India, but government and private sources indicate the program still lacked access to credible data, adoption of techno...
What You Need to Know Today: Russia rejected calls for a ceasefire in the Black Sea, including a proposal to halt attacks on civilian shipping that could help restore grain flows from Ukrainian ports. Tyson Foods announced plans to permanently close its Joslin, Illinois, beef processing facili...
What You Need to Know Today: Wholesale inflation was flat in July, with the Producer Price Index (PPI) unchanged versus expectations for a 0.2 percent increase. Core PPI rose 0.2 percent, also below expectations. The softer inflation data has reduced the odds of a September interest rate incre...
From WPI Consulting
Forecasting developments in production agriculture
On behalf of a private U.S. agricultural technology provider, WPI’s team generated an econometric model to forecast the movement of concentrated corn production north and west from the traditional U.S. Corn Belt. WPI’s model has subsequently provided quantitative support to a multi-million-dollar investment into short-season corn variety development. WPI’s methodology included a series of interviews with regional grain elevators and seed consultants. Emphasizing outreach and communication with stakeholders who possess intimate sectoral knowledge – on-the-ground insights – is a regular component of WPI’s methodologies, made possible by WPI’s ever-growing network of industry contacts.