The 2023 U.S. corn and soybean harvest is nearing its midpoint in terms of harvested acres and farmers are now getting a better sense of crop yields following a growing season characterized by extended periods of dry weather across much of Iowa and other parts of the Corn Belt. Anecdotal evidence suggests significant variability with some farmers reporting yields well below trend and others being pleasantly surprised with yields exceeding expectations given the challenging growing conditions.

October is the price discovery period for the harvest price for revenue insurance products. Harvest futures prices for corn and soybeans are currently trading well below the projected prices used to set crop insurance guarantees. Through October 11th,...