Corn, Soybean Crop Insurance Guarantees Set

At $4.58 and $11.87 per bushel for corn and soybeans, respectively, the 2021 crop insurance revenue guarantees are at their highest levels since 2013 and 2014. The numbers released late last week come ahead of the March 15 deadline for purchasing crop insurance in the Midwest. Though the numbers are higher than they’ve been in years, experts say they likely foreshadow higher premiums this year, but with products like the Enhanced Coverage Option (ECO) available this year, farmers will have better protection if prices or yields dropped sharply. For most Midwestern and Northern Plains growers, the deadline to purchase crop insurance is March 15. With all these factors in place, the planting picture will clarify at month’s end when USDA releases its annual Prospective Plantings report. See more on the crop insurance guarantees.