Projected corn and soybean prices are down, impacting revenue protection crop insurance policies, which will likely be less expensive in 2024. However, that means the floor price for the policies will be lower too.

Revenue protection policies are based on the average daily closing price of new-crop futures contracts for corn and soybeans. Those numbers, established in December and November respectively, determine revenue guarantees for the year ahead. In 2024, corn is projected at $4.66 per bushel, which is a 27% decrease from 2023. Soybeans are projected at $11.55 per bushel, a 16% decrease in the same period. Indemnities will be paid to policyholders if prices or yields when calculated revenue is lower than the guarantee, based on their selected coverage level.

While the projected lower prices isn’t news any farmer wants, it underscores the importance of a solid risk management strategy in partnership with a trusted crop insurance agent. Read more on corn and soybean price projections.

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