Average December corn and soybean futures during October ($5.37 bpa for corn, $12.30 for soybeans) trended higher than the price guarantees set back in the spring, welcome news for farmers. This means harvest prices will be used in most calculations for those with revenue protection policies.
While we’ve seen higher crop prices for 2021, it’s too soon to predict whether they will continue into next spring. Paired with rising input prices, farmers are advised to evaluate areas to supplement their multiple-peril crop insurance (MPCI) policy. Newer to the market, analysts note the area-based Supplemental Coverage Option (SCO) and Enhanced Coverage Option (ECO) as two potential risk-management strategies to consider, which provide shallow-loss coverage.
ProAg is proud to offer both SCO and ECO, with the added private option of AIM. Our trusted agents are equipped to help you determine if they’re a good fit for your operation. Read more on how the higher prices at harvest could limit potential crop insurance payouts here.