Harvest Price Crop Insurance Price is Lower Than Spring Guarantee Price
The final corn and soybean harvest prices are lower than the spring discovery price. This will lead to some if not all of crop insurance proceeds not being deferrable to 2024.
October 31 was the last day to determine the final harvest price for corn and soybeans (plus some other crops). The final harvest price for corn was $4.88 and soybeans was $12.84. This compares to the spring discovery price of $5.91 and $13.76, respectively.
The final corn price was about 17.4% lower than the spring price. For farmers who elected 85% coverage and their final yield was no greater than their APH, crop insurance proceeds will result.
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