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Analysis: Crop Insurance Prices Lower This Year

An analysis by the University of Illinois projects crop insurance prices will be much lower than in 2023, resulting in lower per-acre premiums in 2024. That’s because of lower corn and soybean futures during the first half of this month.

Researchers say premiums are likely to be 16 to 18 percent lower for corn and ten to 12 percent lower for soybean policies based on current estimates for in Champaign and Jefferson Counties in Illinois. Since lower insurance prices also result in lower guarantees per acre, researchers say farmers may wish to increase their coverage levels with the premium savings.

The projected insurance prices for corn and soybeans are based on average settlement prices on each crops’ harvest contract during the month of February. Through February 9, the December corn contract has averaged $4.74 per bushel. The November soybean contract has averaged $11.73 per bushel or $2.03 below the $13.76 projected price in 2023, a decline of nearly 15 percent.

Find the full analysis on the farmdocDAILY website.

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