New Insurance Program Meant to Boost North Dakota Ag Exports

North Dakota officials are touting a new export program designed to help farmers increase sales and minimize their risk.

The program authorizes the Bank of North Dakota to provide insurance coverage of not less than 90 percent on bulk commodity sales as well as processed ag product transactions.

Agriculture Commissioner Doug Goehring says the timing of the program is ideal with planted acres for corn, soybeans and wheat at record-breaking or near-record levels. He says it should improve credit terms for qualified foreign buyers.

The minimum transaction for the program is $200,000.

The North Dakota Industrial Commission, which oversees the Bank of North Dakota, approved the program last month. The commission includes Gov. Jack Dalrymple, Attorney General Wayne Stenehjem and Goehring.