Corn Crop Insurance Payout Up To $7.50 Per Bushel

Nov 06, 2012

Corn farmers who chose to pay more to insure their crops at harvest prices have gotten some welcome news from the U.S. Department of Agriculture.

Farmers who bought the more expensive crop insurance option last spring will earn $7.50 per bushel of corn, a price that should make many of them happy after months of watching their fields wither in this summer's record drought.

The announcement will be particularly welcomed by corn farmers in Iowa, Illinois and Nebraska, the nation's three largest corn producers, respectively, which were all hit hard by the drought.

The harvest price payout for soybeans will be $15.39 per bushel, the Des Moines Register also reported in its Saturday edition.

Farmers who elected to be covered by the less expensive non-harvest price coverage will receive the $5.68 per bushel for corn and $12.55 per bushel for soybeans. Those prices were set in March at the time of insurance sign-up.

USDA figures show crop-loss insurance payments through Oct. 29 totaled $3.5 billion nationally, including $1.63 billion for corn and $247.6 million for soybeans.

Federal subsidies for U.S. crop insurance premiums this year total $6.9 billion, which is 62 percent of the $11.03 billion in premiums paid to insure all 2012 crops, the newspaper reported.

Farmers customarily buy coverage for about 75 percent of their crops. Crop insurance will cover much of the loss in yields caused by this year's record drought. Estimates put the losses at 15 percent or more.

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Video: A chain harrow is a game changer

Utilizing a rotational grazing method on our farmstead with our sheep helps to let the pasture/paddocks rest. We also just invested in a chain harrow to allow us to drag the paddocks our sheep just left to break up and spread their manure around, dethatch thicker grass areas, and to rough up bare dirt areas to all for a better seed to soil contact if we overseed that paddock. This was our first time really using the chain harrow besides initially testing it out. We are very impressed with the work it did and how and area that was majority dirt, could be roughed up before reseeding.

Did you know we also operate a small business on the homestead. We make homemade, handcrafted soaps, shampoo bars, hair and beard products in addition to offering our pasture raised pork, lamb, and 100% raw honey. You can find out more about our products and ingredients by visiting our website at www.mimiandpoppysplace.com. There you can shop our products and sign up for our monthly newsletter that highlights a soap or ingredient, gives monthly updates about the homestead, and also lists the markets, festivals, and events we’ll be attending that month.