Despite a projected record corn crop in the U.S. there may be some producers that collect crop insurance this year due to the lower price. Iowa State University Financial Management Specialist Steven Johnson says many farmers will be surprised to be able to file claim.
Johnson says the October average price for corn is much lower than last fall which is another triggering mechanism.
However, he says with the October average price for soybeans right around $12.87 it won’t trigger a payment without some crop loss.
He advises producers to keep good records when selling their crops to be able to collect on their insurance claims.