Spring projected prices for crop insurance in the 2023 crop year are now set. The projected price for corn is $5.91, $13.76 for soybeans and $8.87 for spring wheat.
Projected prices are determined by averaging the daily closing price of December corn, November soybeans and September spring wheat contracts during the month of February. The revenue protection guarantee is established by: Average APH Yield X Coverage Level X Insured’s Share Percentage X Projected Price. Farmers then elect to insure as much as 85% of that revenue, usually dependent on quoted premiums and specific farm financial needs.
The 2023 corn projected price is similar to last year’s price, while the soybean price is just over $1 lower than last year’s historic $14.33 price. Spring wheat this year also trails the previous year’s projected price of $9.19. Despite lower projected prices, current prices provide strong risk management coverage while still allowing the ability to make forward sales at new crop prices.
Read more on crop insurance spring projected prices here and see USDA’s Risk Management Agency bulletin on projected prices here.
Food and Agriculture Contribute $9 Trillion to U.S. EconomyMarch 23, 2023
Fertilizer Prices Continue to DeclineMarch 23, 2023
12 Veterinary-Recommended Ways to Prevent Disease in FeedlotsMarch 23, 2023
More Corn and Wheat Acres Expected in 2023March 24, 2023
Measuring Feed Cost Changes on Dairy OperationsMarch 24, 2023