A farm management analyst from southern Minnesota says there are lower guarantees for revenue protection insurance this year.
Revenue protection insures farmers against yield losses from natural causes like drought or disease and revenue losses caused by a change in the harvest price from the projected price. Farmers can choose the higher price to be paid for crop losses, selecting either the February base price or the October harvest price.
Prices were finalized at the end of February and Kent Thiesse tells Brownfield…
“Spring base prices for 2024 corn is at $4.66 and for soybeans, $11.56.”
Thiesse says even though prices aren’t as strong as they were last year, revenue protection is still a good investment to help farmers manage risk.
