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Revenue base prices are lower in early 2024

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.

“Expenses are still relatively high for a direct seed fertilizer and chemical costs, though they have moderated somewhat on fertilizer. Other costs like labor, interest rates and repairs have gone up.”

He says now is the time farmers should be meeting with their local crop insurance agent to make their decisions for the year. The deadline to sign up for revenue protection is March 15.

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