Fall crop insurance prices established
With the ending of October, the harvest (fall) prices used in many crop insurance policies has been established. The fall price is the average of the daily new crop futures price(December corn futures and November soybean futures).
Both 2021 corn and soybean fall prices (average of new crop futures in October) were higher than the spring price. This means that farmers who purchased revenue protection crop insurance will have their revenue guarantees adjusted higher. The fall soybean price at $12.30 is 4% higher than the spring price at $11.87. This is highest fall price since 2013 and only the second year in the years shown and only the fourth year in the last 10 that harvest exceeded spring soybean price. The fall corn price at $5.37 is 17% above the spring price at $4.58. This is the highest fall price since 2012 and only the third year in the last 10 that harvest exceeded spring corn price.
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