Here are the crop insurance prices for the 2022 season.

Corn

Harvest Price $6.86

Spring Price $5.90

Soybeans

Harvest Price $13.81

Spring Price $14.33

 

Many farmers carry Revenue Protection, which guarantees the higher of the spring or fall price.

This year the harvest price for corn is higher than the spring price. This allows the farmer to use the harvest price to set his guarantee. For a claim, the farmer would have to harvest less bushels than his bushel guarantee. The loss bushels will be paid at the higher harvest price.

Soybeans had a higher spring price in 2022. The farmer is guaranteed the higher spring price. A claim will depend on total revenue, the combination yield and price. If the farmers harvest revenue is lower than the spring guarantee, a claim will be paid.