KEY CROP INSURANCE DATES

July 1, 2024

Premium Billing Date

Winter Wheat

July 15, 2024

Acreage Report Deadline

Corn, Soybeans, & Spring Wheat

August 15, 2024

Premium Billing Date

Corn, Soybeans, Spring Wheat, &
Winter Wheat & Spring Wheat on Same Policy – NE, SD 

August 20, 2024

Harvest Price Announced

Winter Wheat

VIEW ALL DATES

Trigger Yield Calculator

Trigger yields assist producers with crop insurance and risk management decisions. Understanding what will trigger loss payments is an important part of choosing the correct level of crop insurance coverage.

The results provided by this tool are for estimation purposes only; actual loss triggers may vary. Contact your Farm Credit Services of America insurance officer for more information.

Crop Insurance Podcasts

Members of our experienced crop insurance team discuss how crop insurance and marketing goals can work together to provide the best financial return. Listen to our audio programs to learn more.

VIEW CONTENT

CORN AND SOYBEAN MOISTURE ADJUSTMENT FACTORS

Moisture adjustment is applied prior to applying any qualifying quality adjustment factors such as test weight, kernel damage, etc.

cornCORN  
soybeansSOYBEANS  

Crop Insurance Price Guarantees

Spring price discovery takes place every February. During the survey period, market expectations for prices are averaged to determine the spring crop insurance price. When combined with a farmer’s yield history, the spring prices and yield determine the level of revenue protection available during the crop year. Follow the page for daily updates through February 28.

VIEW PRICE GUARANTEES 

POLICYHOLDER RESPONSIBILITIES

Find guidelines and responsibilities for your crop insurance policy.

Production Reporting

Acreage Reporting

Production Recordkeeping

Cover Crop Guidelines

Precision Farming

Claims Reporting

Prevented Planting Guidelines

Replanting Guidelines

Silage Guidelines

Pivot Corner Guidelines

CROP PRICE HISTORY

With the Revenue Protection plan, a price guarantee is set in both the spring (Projected) and fall (Harvest). Your final Revenue Guarantee is based on the higher of the spring or fall price. See how prices change from the time they are set before planting until harvest with our price history chart.

CORN
Projected Corn Price History
Year Price
'15 4.15
'16 3.86
'17 3.96
'18 3.96
'19 4.00
'20 3.88
'21 4.58
'22 5.90
'23 5.91
'24 4.66
Harvested Corn Price History
Year Price
'15 3.83
'16 3.49
'17 3.49
'18 3.68
'19 3.90
'20 3.99
'21 5.37
'22 6.86
'23 4.88
SOYBEAN
Projected Soybean Price History
Year Price
'15 9.73
'16 8.85
'17 10.19
'18 10.16
'19 9.54
'20 9.17
'21 11.87
'22 14.33
'23 13.76
'24 11.55
Harvested Soybean Price History
Year Price
'15 8.91
'16 9.75
'17 9.75
'18 8.60
'19 9.25
'20 10.55
'21 12.30
'22 13.81
'23 12.84
WINTER WHEAT
Projected Winter Wheat Price History
Year Price
'14 7.11
'15 6.41
'16 5.34
'17 4.74
'18 5.06
'19 5.84
'20 4.35
'21 4.98
'22 7.10
'23 8.77
'24 7.38
Harvested Winter Wheat Price History
Year Price
'14 6.43
'15 5.43
'16 4.15
'17 5.06
'18 5.14
'19 4.40
'20 4.44
'21 6.34
'22 8.72
'23 8.42

Calculation Periods

Find the commodity exchange price calculation periods for various crops.

Corn

Corn

  • Commodity Exchange: Chicago Board of Trade (CBOT)
  • Contract Month: December
  • Projected Price: February average daily settlement price
  • Harvest Price: October average daily settlement price
Soybeans

Soybeans

  • Commodity Exchange: CBOT
  • Contract Month: November
  • Projected Price: February average daily settlement price
  • Harvest Price: October average daily settlement price
VIEW ALL CROPS

CROP INSURANCE ABBREVIATIONS

Find common abbreviations and acronyms used to describe crop insurance plans and details.
  • Abbrev. Term
  • AF Annual Forage
  • AIP Approved Insurance Provider
  • APH Actual Production History
  • APHTH Actual Production History Transfer History
  • AR Acreage Report
  • ARD Acreage Reporting Date
  • ARPI Area Risk Protection Insurance
  • BFR Beginning Farmer and Rancher
  • BP Common Crop Insurance Policy Basic Provisions
  • BU Basic Unit
VIEW ALL ABBREVIATIONS 

Crop Insurance Information

Grain Marketing Survey: Midwest Farmer Practices

Crop Insurance,

Combine unloading into wagon

While many grain farmers have adjusted to lower commodity prices by focusing on their cost of production and family living expense, equally important is the income side of the ledger.

To shed some light on grain marketing practices, FCSAmerica recently commissioned a survey of more than 600 Corn Belt producers. The full report reveals insights into the grain marketing strategies and tools of farmers who are satisfied with their grain marketing practices.

Download:
Grain Marketing Report

Survey Results by Topic

View each section of the grain marketing report using the table of contents below.

 

Tags: grain marketing, Spotlight,

Marketing Satisfaction Highlights

red people 

Only one-third of producers are mostly or completely satisfied with their grain marketing practices and results.

  • More satisfied than dissatisfied producers said they have a written marketing plan, possess a very good understanding of their cost of production, and use it in setting an initial price goal.
  • Satisfied producers are more likely to price as soon as they see a profit and to price multiple crop years. They also are more likely to price a quarter or more of their expected crop before planting.
  • They are less likely to sell most of their crop right after harvest, price when they need cash flow, or price when fear of still lower prices sets in.
  • More satisfied producers said they use futures hedges and lock in the carry on stored grain, while dissatisfied producers are more likely to use spot cash sales.
  • Dissatisfied producers also are more likely to say they don’t understand how to use available grain marketing tools, and more than a third of them wish they had a mentor.
  • More than 20% of dissatisfied producers say they studied marketing in college but don’t understand how to use the various tools in their operation, while 16% say they understand futures and options but don’t have confidence using them.

Marketing Practices Highlights

  • On average, producers use four to five grain marketing tools.
  • The most popular marketing tool is storage, used by 82% at least occasionally; one in five farmers always store.
  • Cash forward contracts and spot cash sales are used by more than two-thirds of farmers.
  • Only about a quarter of survey respondents use futures or options.
  • Almost two-thirds price in small increments; only 5% go for the “home run” and price a large portion at a time.
  • Almost three-quarters of producers say they have a good understanding of their cost of production, although a smaller percentage use it in setting a price target for marketing.
  • Seventeen percent have a written marketing plan.

Top Five Marketing Tools Used

Top Five Marketing Tools Used
Description Percent
Store a portion of my
crop for later sale		 82
Cash forward contract 69
Spot cash sale 67
Basis contract 50
Hedge-to-arrive contract 35

Factors that Affect Marketing

  • Wider use of diverse grain marketing tools is seen among larger operations (1,000+ acres) and among growers with higher levels of crop insurance — especially 80% or higher Revenue Protection (RP) — as part of their risk management.
  • Producers with 80% or more RP are more likely to price prior to harvest than those with lower insurance coverage.
  • Larger operations and younger producers are more likely to use their cost of production to set a selling price.
  • Those who are 35 and younger are more likely to use hedge-to-arrive contracts and lock in the carry when they store.

Practical Insights

Interviews with producers offer practical insights for success, whether farmers self-educate or partner with trusted advisors. For example:

  • "You can control weather risk with crop insurance. You have to know your cost of production and work off that; you have to know when you need to be marketing. Everyone would like to hit the top, but over time, I’ve realized that if you beat the average, you are doing well."
  • "We thought about hedging and options but didn’t really use them until we got to know a trusted broker. Now we set targets and he helps with the timing. With Revenue Protection, we can afford to sell ahead, knowing crop insurance would cover us if we didn’t grow enough to meet the contract."
  • "I have found that tackling it yourself pays for the rest of your life. You have to know your cost of production to be able to move forward. I know my cost within $10-20/acre."
“You have to know your cost of production to be able to move forward.”

YOU MIGHT BE
INTERESTED IN

Crop Insurance

Key Considerations for Margin Protection

Make Margin Protection part of your risk management strategy.

Crop Insurance

Margin Protection: Farmer Case Studies

Find out how two producers leveraged Margin Protection to anticipate market shifts and improve their financial positions.

The Business of Agriculture

Calculating Your Cost of Production Takes the Uncertainty Out of Your Decisions

E-learning program focuses on the "why" behind using cost of production numbers and the application to different business decisions.

Ready to Talk?

Contact us if you have questions or need more information. Fill out the form, or connect with your local office using the Office Locator.

FCSAmerica serves farmers, ranchers, agribusinesses and rural residents in Iowa, Nebraska, South Dakota and Wyoming. For inquiries outside this geography, use the Farm Credit Association Locator  to contact your local office.