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As Harvest Winds Down, Most are Thankful for Good Yields

Corn harvest in the 18 states USDA reports has reached 86 percent – one point ahead of the five-year average. At 86 percent, Iowa is two points behind average and South Dakota is four points behind, but Nebraska is one point ahead of average.

Soybeans stand at 93 percent, two points ahead of average. The states in our service area are running one to three points behind.


State

Corn Harvest Completed (%)

Soybean Harvest Completed (%)

18 States

86

93

Iowa

86

95

Nebraska

84

96

South Dakota

81

97

 

Most producers in our four-state territory report their yields have been good, if not outstanding, said Bruce Green, vice president – insurance operations at Farm Credit Services of America. That means widespread crop insurance indemnities are unlikely.

Following USDA’s release of the official harvest prices for corn at $3.49 and soybeans, $9.75, Green noted: “Corn prices are down about 10 percent from the guarantee of $3.86, which alone probably does not trigger a loss – there would also need to be yield losses.”

Soybean insurance indemnity payments are even less likely given that the harvest price is 90 cents above the guarantee.

Any production claims must be filed within 60 days of harvest. For price claims, you have 45 days from the harvest price announcement (with no yield loss).

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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.