Prevented planting insurance claims could set a record this year. Gary Schnitkey at the University of Illinois says prevented planting claims on eight million acres of corn, three million acres of soybeans and other crops could be nearly $3.6 billion. The previous record of almost $2.2 billion was in 2011.
Schnitkey bases his estimate on an average payment of $308 per acre for corn and $138 for soybeans.
From 2000 to 2018, prevent planting payments for all crops averaged $680 million per year, with an average of slightly more than 4 million acres of prevent planting.