Higher crop prices boost safety net
March 3, 2021 By Mark Dorenkamp Filed Under: 2021 Commodity Classic, 2021 Events, Commodity Classic, Crops, Minnesota, News
The six-month runup in corn and soybean prices is providing a better safety net for farmers.
Harold Wolle is a National Corn Board member and past president of the Minnesota Corn Growers who farms near Madelia in south-central Minnesota.
“One of the advantages of the higher prices certainly for new crop is that our insurance levels for federal crop insurance, the total dollars that we can insure our crop for, have increased as well.”
The $4.58 base price for corn is the highest in seven years.
For soybeans it’s $11.87, the highest level since 2013.
“So I think we’ve got an avenue to provide some security there going forward, and eliminate some risk.”
The deadline to sign up for 2021 crop insurance is March 15th.
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