This spring’s crop insurance price will easily hit a new record for soybeans at an estimated $14.32. The previous record was in 2011 for $13.49. The crop insurance price of corn will be the second highest on record this spring, at an estimated $5.89, second only to 2011’s $6.01. The ongoing Russia-Ukraine crisis has added uncertainty to the already volatile price action Monday.
The added volatility closing out February added to the spring crop insurance revenue price guarantee. Will farmers make last-minute planting adjustments for intended corn or soybean acres based on the set prices? Likely not, according to U.S. Farm Report. Instead, these prices will continue to provide a strong risk management tool for U.S. farmers.
Read more on spring crop insurance prices here.
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