By Katie Dehlinger
DTN Farm Business Editor
MOUNT JULIET, Tenn. (DTN) — Spring crop insurance guarantees for corn and soybeans are the lowest since 2016, which means farmers will have less protection against lower prices in their revenue policies in 2020.
At $3.88 per bushel for corn and $9.17 per bushel for soybeans, the guarantees are down 12 cents and 37 cents, respectively, from last year.
The spring guarantee is computed by averaging the daily close of the December 2020 corn and November 2020 soybean futures contracts throughout the month of February. Commodity prices dropped in the last week of the month as global markets responded to the accelerating spread of the new coronavirus.
?You’ve got a lower benchmark, a lower revenue guarantee, so you’ve got less coverage than you would otherwise,? Jim Mintert, director of the Center for Commercial Agricultural at Purdue University, said on the sidelines of Commodity Classic last week.
