I reported a wide range of corn yields in 2023. There were dry areas, drier areas, and driest areas….

  • In the dry areas, yields were near record high.
  • In the drier areas, yields were slightly less than their APH’s.
  • In the driest areas, yields were disappointing.

In all cases, there was a chance that crop insurance would trigger a claim payment due to the decline in prices.

Let’s take a look at how some of the crop insurance policies worked with the price decline in 2023.

85% Revenue Protection

A 220 APH farm electing 85% Revenue Protection, would have a trigger of 226 bushels per acre. This coverage triggered at yields slightly better than APH levels.

RAMP or ECO+

With a 95% individual product, the bushel trigger would have been 253 bushels per acre. In many cases, this triggered on near record yields.

ECO 

The 95% county coverage works off the expected county yield.

 

2023 County Corn Yields
  Expected Yield Trigger Yield
Butler 206 237
Franklin 203 233
Grundy 226 260
Hamilton 199 230
Hardin 206 237

Marshall

 219 252

 

2023 actual county yields will be released late spring.

Remember the coverage per acre for ECO is based off your APH. Most farmers electing 95% ECO Coverage at 100% price have $100-125 coverage per acre.

Margin Protection

Margin Protection used a $6.11 Projected Price and factors in variable input costs. In 2023, input costs decreased at harvest time adversely affecting the bushel trigger. Hardin County will  have a 230 bushel trigger for Margin Protection. Unlike ECO, MP offers full liability and has the opportunity to trigger larger payments.

Crop insurance had a high probability of paying out in 2023 depending on the crop insurance products used in your risk management plan.