WASHINGTON, Nov. 5 – Crop insurance payouts – already destined to reach record levels this year – will likely climb higher with USDA’s Risk Management Agency (RMA) announcement of harvest price options for revenue protection plans.
Farmers who invested in the higher-priced harvest price options on their crop insurance will receive $7.50 bu. for corn, $7.31/bushel for grain sorghum, $15.39 for soybeans and $0.73/pound for cotton. Organic producers are eligible for even higher levels of revenue protection.
Crop insurance indemnity payments through Nov. 5 totaled almost $3.6 billion nationwide. That total included $1.66 billion for corn and $275 million for soybeans, and $663 million for wheat, according to USDA’s summary of business.
Under the harvest price option, revenue guarantees increase when the harvest price-which is much higher this year because of the historic drought - exceeds the projected price. Those who elected to be covered by the less expensive non-harvest price coverage will receive the $5.68 per bushel for corn and $12.55 per bushel for soybeans set in March at the time of insurance sign-up.
The 2012 CY harvest prices shown below are approved for the Revenue Protection and the Revenue Protection with Harvest Price Exclusion plans of insurance. The harvest prices are applicable for the crops, types, practices, sales closing dates, and states indicated in the following table.
| Crop/Type/Practice/ Sales Closing Date/State | Exchange | Contract | Harvest Price |
| Corn February 28 Sales Closing Date Arizona & California | CBOT | December Corn
| $7.50/bushel |
| Corn - Organic Practice February 28 Sales Closing Date Arizona & California | CBOT | December Corn
| $10.55/bushel |
| Corn March 15 Sales Closing Date Colorado, Connecticut, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Pennsylvania, Rhode Island, South Dakota, Tennessee, Utah, Vermont, Virginia, West Virginia, Wisconsin & Wyoming | CBOT | December Corn
| $7.50/bushel |
| Corn – Organic Practice March 15 Sales Closing Date Colorado, Connecticut, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Pennsylvania, Rhode Island, South Dakota, Tennessee, Utah, Vermont, Virginia, West Virginia, Wisconsin & Wyoming | CBOT | December Corn
| $10.55/bushel |
| Cotton February 28 Sales Closing Date Alabama, Arizona, Arkansas, California, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina & Texas | ICE | December Cotton
| $0.73/pound |
| Cotton – Organic Practice February 28 Sales Closing Date Alabama, Arizona, Arkansas, California, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina & Texas | ICE | December Cotton | $1.10/pound |
| Cotton March 15 Sales Closing Date Missouri, Tennessee, Texas & Virginia | ICE | December Cotton | $0.73/pound |
| Cotton – Organic Practice March 15 Sales Closing Date Missouri, Tennessee, Texas & Virginia | ICE | December Cotton
| $1.10/pound |
| Grain Sorghum February 28 Sales Closing Date Arizona, California & North Carolina | CBOT | December Corn
| $7.31/bushel |
| Grain Sorghum March 15 Sales Closing Date Colorado, Delaware, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Missouri, Nebraska, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania, South Dakota, Tennessee, Virginia & Wisconsin | CBOT | December Corn
| $7.31/bushel |
| Popcorn March 15 Sales Closing Date Colorado, Illinois, Indiana, Iowa, Kentucky, Minnesota, Missouri, Nebraska, Ohio & South Dakota | CBOT | December Corn
| $0.3000/pound |
| Rice February 28 Sales Closing Date California, Illinois, Missouri, Oklahoma & Tennessee | CBOT | November Rice
| $0.150/pound |
| Soybeans February 28 Sales Closing Date, Arkansas, Louisiana, Mississippi & Texas | CBOT | November Soybeans
| $15.39/bushel |
| Soybeans – Organic Practice February 28 Sales Closing Date | CBOT | November Soybeans | $24.49/bushel |
| Soybeans March 15 Sales Closing Date Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Vermont, Washington & Wisconsin | CBOT | November Soybeans | $15.39/bushel |
| Soybeans – Organic Practice March 15 Sales Closing Date Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, New Jersey, New York, North Dakota, Ohio, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Vermont, Washington & Wisconsin
| CBOT | November Soybeans | $24.49/bushel |
| Sunflowers – Oil Type March 15 Sales Closing Date Colorado, Kansas, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Texas & Wyoming | CBOT | December Soybean Oil
| $0.265/pound |
| Sunflowers – Confectionary Type March 15 Sales Closing Date Colorado, Kansas, Minnesota, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Texas & Wyoming | CBOT | December Soybean Oil
| $0.340/pound |
The RMA also announced the 2012 CY harvest prices have been approved for GRIP corn, grain sorghum and soybeans in counties where the harvest price is determined by the exchange, contract and harvest discovery period indicated in the following table.
| Crop | Exchange | Contract | Discovery Period | Harvest Price |
| Corn | CBOT | December Corn | October | $7.50/bushel |
| Grain Sorghum | CBOT | December Corn | October | $7.31/bushel |
| Soybeans | CBOT | December Soybeans | October | $15.39/bushel |
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