The 2024 harvest crop insurance prices fell below spring guarantees. Corn was at $4.16 per bushel and soybeans recorded $10.03 per bushel. These prices are based on October averages. They play a key role in determining indemnity payments in crop insurance, which use the higher of spring or harvest prices.

The spring projected prices were higher at $4.66 for corn and $11.55 for soybeans. According to DTN Lead Analyst Rhett Montgomery, this year shows a more typical pattern with fall prices lower than spring prices This contrasts with 2023, where declines were much steeper. Consequently, revenue protection is less likely to trigger payouts unless yields decrease.

The USDA estimates breakeven prices at $4.78 for corn and $11.70 for soybeans. This makes profitability a challenge. Montgomery notes that shifting price ratios slightly favor corn. This follows a record soybean production estimate for the U.S. and Brazil. This evolving market dynamic is expected to influence planting decisions for 2025. The upcoming February crop insurance averages may be crucial for farmers’ choices.

Read more on harvest crop insurance prices here.