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Harvest insurance price for corn higher than spring base

The crop insurance harvest price for corn is higher than the spring base price.

Farm management analyst Kent Thiesse with MinnStar Bank in southern Minnesota says the final 2022 price is $6.80 compared to $5.90 in the spring.

“Since the harvest price is higher, that price gets used. They recalculate your insurance guarantee to the higher price if you have revenue protection insurance with harvest price protection.”

For farmers that don’t, he tells Brownfield indemnity payments will be substantially lower.

“Because now you have to use the harvest price to calculate your final value, but you use the base price of $5.90 to calculate your guarantee.”

Thiesse says for soybeans a revenue protection policy with or without harvest price protection acts the same because the spring base of $14.33 is higher than the fall price of $13.80.