The close of trade on Thursday marked the last number needed to figure the harvest price of corn and soybeans for revenue insurance purposes in 31 states. An average of the futures closes during the month of October for the December corn contract and the November soybean contract becomes the harvest prices. This year, the harvest price for corn is $4.39 and the soybean harvest price will be $12.87. That compares to the spring projected prices to $5.65 for corn and $12.87 for soybeans, dead even with the spring price.
States with earlier harvests already had their prices set. Revenue protection policies with harvest price exclusion insure based on the projected price only. For more information, please contact your crop insurance agent for visit www3.rma.usda/gov