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USDA anticipates that farmers will harvest 13.9 billion bushels of corn this 12 months with a nationwide common yield of 171.9 bushels per acre. That’s a far cry from 2012, when a devastating drought scorched crops nationwide and pushed the harvest value from crop insurance to $7.50 per bushel for corn. At that point, farmers needed to opt-in and pay up to make use of the harvest value in income calculations. Still, insurance suppliers paid out greater than $17 billion in indemnities.
Hultman mentioned that degree of indemnity funds will not be seen this 12 months, however rising costs at harvest spotlight volatility in the corn market, which is just enhanced by Russia’s conflict on Ukraine.
“In this time, when world grain supplies are so tight and so desperately needed, crop insurance protection is really serving the larger public well in continuing to give producers good incentive to plant,” he mentioned, including that winter wheat is a superb instance.
That crop’s projected costs have been set in September, and at $8.79 per bushel, it is the very best in greater than 20 years.
“That’s what’s keeping winter wheat being planted this year,” he mentioned.
Hultman mentioned the corn crop suffered extra from drought situations than soybeans did this 12 months, with August rains driving to the rescue of some crops. UDSA forecasts soybean manufacturing at 4.3 billion bushels with a nationwide common yield of 49.8 bpa.
“We’re not that far off from having another big or close-to-record crop in soybeans. Soybeans prices are significantly higher than they were a year ago, even though they’re down from spring highs,” Hultman mentioned. In 2021, the spring value for soybeans was $11.87 per bushel, and it climbed to $12.30 by harvest time.
The projected value of soybeans — $14.33 per bushel — would be the second highest ever used in crop insurance calculations, falling shy of 2012’s $15.39 per bushel harvest value.
Katie Dehlinger will be reached at [email protected]
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