A crop insurance agent in northeast South Dakota says revenue protection guarantees are higher for soybeans and lower for corn this year.
“Farmers can get protected at relatively good levels.”
DuWayne Bosse with Bolt Marketing says big crops usually make for lower prices, but soybeans have had a big market rally recently.
“We ended up at $11.09 for the spring soybean price, which is actually about five percent higher than last year, It was suprising to me to have a higher price than last year given the supplies we’ve got in the world.”
Bosse tells Brownfield corn was slightly lower compared to last year.
“Corn ended up at $4.62, which is only eight cents off last year’s $4.70. It’s not bad at all.”
Revenue protection insures farmers against revenue and yield losses from natural causes like drought or disease. The spring insurance price, set at the end of February, is used to calculate revenue protection, and a higher spring price sets a stronger baseline for insurance payouts.
Bosse says farmers should contact their local crop insurance agent about revenue protection ahead of the sign-up deadline of March 15.
