Farm Service Agency officials released national commodity prices and county yields for 2016/17.
The average corn price is $3.36 and soybean price is $9.47 per bushel.
The agency will begin sending Agriculture Risk Coverage and Price Loss Coverage payments the next few weeks.
Iowa State University Extension Economist Alejandro Plastina says there’s a web tool to help.
“This tool will let farmers know whether they can expect to receive an ARC-CO or PLC payment in the coming weeks, and how much they can expect,” said Alejandro Plastina, assistant professor and extension economist with Iowa State. “This information should aid them in developing a marketing strategy to cover their short-term cash flow needs while targeting a profit for their 2017 crop.”
On average, ARC-CO payments (revenue loss coverage at the county level) in Iowa per corn and soybean base acre will amount to $12.47 and $0.41, respectively, and will represent only 37 percent and 3 percent of the payments received in 2016.
“There are huge space disparities counties in the southern part of the state will not receive payments from 2016/17. Most of them, while some counties, like Johnson and Grundy County will receive substantial payments,” Platina says.
All corn base acres enrolled in PLC will receive a payment ranging from $26.40 to $48.47, and averaging $39.27 for the state of Iowa. Soybean base acres enrolled in PLC will not receive a payment in 2017, just like in the previous two years.