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Crop insurance projected prices for mid-February

March 15 is the deadline to purchase crop insurance in Illinois.
John Hawkins 
Published: Feb 14, 2012
During February, projected prices used in crop insurance guarantees applicable to Midwestern states are set for corn and soybeans. These projected prices are the averages of daily settlement prices of Chicago Mercantile Exchange (CME) contracts during February, with the December contract used for corn and the November contract for soybeans. Through the first two weeks of February, settlement prices have averaged $5.74 per bushel for corn and $12.35 per bushel for soybeans.

If the projected price for corn turns out to be $5.74, it would be the second highest projected price since 1972. The $5.74 price would only be exceeded by last year’s price of $6.01 per bushel. The $12.35 price for soybeans would be the third highest projected price since 1972. The only two years to exceed $12.35 are 2008 with a $13.36 price and 2011 with a $13.39 price. A $5.74 projected price for corn and $12.35 price for soybeans would allow relatively high guarantee levels to be set for 2012.

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