The U.S. Department of Agriculture says farmers who chose to pay more to insure their crops at harvest prices will receive 7 dollars and 50 cents per bushel for corn. That should be welcome news for corn farmers in Iowa and Nebraska, which are two of the nations top 3 corn producers.
The harvest price payout for soybeans will be 15 dollars and 39 cents per bushel.
Farmers who elected to be covered by the less expensive non-harvest price coverage will receive 5 dollars and 68 cents per bushel for corn and 12 dollars and 55 cents for soybeans.
Those prices were set in March at the time of insurance sign-up. USDA figures show crop-loss insurance payments through October 29th totaled 3-point-5 billion dollars nationally, including more than 1-point-6 billion dollars for corn and nearly 248 million dollars for soybeans.
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